An Empirical Analysis On How Heterogeneity Of Subway Stations Effect Residential Rent In Beijing

Under the background of the rising housing prices in the first-tier cities,most young people who do not have the abilities to purchase houses choose to enter the housing rental market when they work in other cities.Therefore,commuting conditions become an important factor in the choice of rental housing for them.Because of the advantages of time stability of rail transit,it attracts much attention from both tenants and landlords in the cities where cover the excellent railway trafic system.However,which characteristics of rail transit are more important in the process of house choices.In other word,there is no clear conclusion about which characteristics of the subway the tenants prefer to pay for.In this paper,the author,taking Beijing's housing rental market as the research object,focusing the heterogeneity of metro stations,explores the differential impact of metro stations on rent prices.The purpose of the study is to provide a consideration for tenants'choice of rental houses and the housing rental institutions of evaluation of houses.Based on the summary and analysis of the relevant research,this paper classifies the heterogeneity of metro stations in three dimensions:location,function and coordination.First of all,taking three categories as the core research factors,this paper uses the basic information of Beijing Co-rent and full-rent one-bedroom rent acquired from 58 co-city websites in a week from January 14 to 20,2019.And then it measures some data with the geographic information system(arcGIS).Lastly,based on the hedonic price model,this paper conducts an empirical study and comparative analysis on the unit rent price and the total rent price in the housing rental market.It turns out the heterogeneity of subway stations does have a differential impact on the residential rent.The results of this study show that the best fitting classification for the three types of heterogeneity is synergistic heterogeneity,followed by functional heterogeneity and location heterogeneity.Firstly,the central location of metro stations enhances its impact on rent,which means the closer the metro stations are to the city center,the more effect the rent.Secondly,office stations have the strongest impact on rent,and multiple stations,scenic spots commercial integrated stations and residential office mixed stations,are behind,while the residential stations are the last one.Lastly,in the synergistic heterogeneity,it has the strongest impact on rent price when the number of bus lins for transfer is in the certain interval.Which means more and fewer bus lines for choices will reduce the promotion effect on residential rent,and more transfer options weaken it less.The study also finds that in the empirical analysis of synergy of metro stations in two dimensions,there is a muntual impact on the residential rent between thetwo types of synergistic heterogeneity.When the two types of transfer are consistent,it will form a significant promotion effect on residental rent.However,when they are inconsistent,it will have a negative effect on residentail rent,which makes the rental reduce largely.