Properties have to have minimum standards which puts a floor on prices. Meanwhile very high end properties exist.Why a rightward skew?
Thanks for your reply. I'd also guess that it's the mean. I appreciate that rent distributions would be right-skewed; I take it that you meant to say that the mean would thus be higher than the median, as jpd points out is the case for income distributions.There is a reference to a methodology document in previous reports but it seems gone now, even with Wayback Machine.
My guess is that with the statistical methdology employed you will get means, not medians.
Rents should display a rightward skew of course, so that median will be usually higher than mean.
Indeed. I was mixed up and have edited the post.Thanks for your reply. I'd also guess that it's the mean. I appreciate that rent distributions would be right-skewed; I take it that you meant to say that the mean would thus be higher than the median, as jpd points out is the case for income distributions.
Still doesn't tell us if he is generating median or mean property type values!
In general, you should assume that when people say "average" they mean the mean, unless they say otherwise.
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