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We build an on-the-house-search model and show analytically that the rent-to-price ratio (or rental yield) and turnover rate, which are frequently used metrics for the housing market, are jointly determined in equilibrium. We therefore adopt a simultaneous equation approach on matched salerental pairs in our empirical investigation, as a housing unit cannot be owner-occupied and renteroccupied at the same time. Our empirical results confirm a higher turnover rate is associated with a lowerdoi:10.2139/ssrn.2910804 fatcat:jniboykfbjfetlqrxndvntruva