The Hedonic Price Analysis Of Urban Rental Housing

The housing problems of urban residents become one of the focuses of public issues in China's urbanization. The market for renting and leasing housing is gradually taking on the responsibility to solve the housing problems of the floating population and low-income families, but the market itself also has problems which have caused the attention of government and academia. Currently there is a lack of systematic research on rental housing market. Based on fulfilling needs of the development of China's housing market, this paper use hedonic price model as a theoretical model of the study, using nearly 8000 rental housing and 450 residence communities samples in Hangzhou to do empirical research, focusing on the rental housing' Hedonic Price, then to explore the existence of the market segments.The thesis has reviewed researches of foreign scholars studying on the house characteristics, systematically summarized the research results on the characteristics of rental of residential. The thesis also summarized the research dynamics of the hedonic price theory and model, and introduced its widely applications in various fields. Then the thesis established the linear model and logarithmic model of hedonic price, to estimate hedonic prices and marginal prices. These factors reflected the concern of consumers when renting houses. The linear model has better effects that 17 out of 19 variables enter into the model, and all the symbols are same as experted. Different characteristics of rental housing show different hedonic prices. These prices reflected the concern of consumers when renting the houses. In the logit model, thesis also analyzed the price elasticity of the characteristics of rental housing.The thesis studied the segment market of the rental housing. The thesis chose "the construction type of the house" to be the market segmentation standard, then adopt Chow test to test, compared the difference in different segments market. Studies have shown that there are residential rental market segments existing and the hedonic price of characteristics has difference.The author believes that this research may have certain academic value. The thesis summarized rental housing characteristics from a large number of literature home and abroad, gave a comprehensive overview of the factors on residential rents, constructed rental housing hedonic price theory model to do empirical studies in Hangzhou, measured the hedonic price of rental housing and price elasticity. In the logit model, thesis also analyzed the price elasticity of the characteristics of rental housing. At last the thesis studied the segment market of the rental housing, Studies have shown that there are residential rental market segments existing and the hedonic price of characteristics has difference.This thesis could provide a basis for government policy such as the guidance system for residential rentals, residential rental market price index, protected house policy, rental subsidy policy and so on, it also can provide basis for government departments to valuate basis in handling matters, to provide pricing information for real eatate company and landlords, to be the decision-making guide for residential investors and leasers. Residential tenants can determine the reasonableness of the rent by the hedinic price of rental housing. On the whole, it has a wide range of applications.