Analysis On The Influencing Factors Of Rent Of Centralized Long-Term Leased Apartments In Hangzhou Based On Hedonic Price Model

In recent years,with the deepening reform of the housing system,China began to push forward both rent and sale,and vigorously cultivate and develop the housing rental market.As an innovative product in the housing rental market,the centralized long-term leased apartments(CLLAs)stand out by its independence of architectural space,unity of housing conditions and accessibility of management services,attracting the attention of all circles of the society.The existing researches regarding the CLLAs mainly focus on the development trend,business model and financing mode of the apartment,while studies on the inherent characteristics of the CLLAs are still insufficient.As a classical theory in the field of housing,the hedonic price theory is generally used to analyze the relationship between housing characteristics and prices.There are many differences between the CLLAs and the traditional rented apartments,i.e.the CLLAs has the attribute of brand effect,independent building,unified decoration,et al.It is of great importance to conduct hedonic price modeling of the CLLAs,since the existing results on the hedonic price of rental housing is no longer applicable.Firstly,this study collected the information about the interior housing condition,overall building situation,and the brand recognition of some well-known CLLAs companies via field research.15 characteristic variables were then selected and summarized based on the literature review of current researches on the characteristics of rental housing.A housing hedonic price model applicable to the real situation of CLLAs was set up,and the hedonic prices of 9 key characteristic variables were obtained based on the multiple regression of publicly available data of CLLAs in Hangzhou from Lianjia.com and investigation data collected via field research,that is,Y?1.66 per index unit for the brand influence,?44.38 per square meter for the construction area,? 179.05 per each for the subsidiary facilities,?-51.01 per kilometer for the distance to the West lake,?-14.17 per kilometer for the distance to the CBD,?-20.99 per kilometer to the subway stations,?6.07 per line for the available buses,?112.41 for whether next to an urban park or not,and ?136.23 for whether next to an university or not.Moreover,the improvement of brand operation capability and the increment of positive public exposure contribute to the increased rental price.A negative impact of the educational facilities and positive impacts of the shared space and the decoration level on the rent of CLLAs were revealed by a detailed research on the brand influence with logarithmic model.