Scandinavian Working Papers in Economics
Working Paper Series,
Royal Institute of Technology, Department of Real Estate and Construction Management & Banking and Finance
No 20/10: Constructing a rental housing index and identifying market segmentation in the case of Beijing, China
Zisheng Song (), Mats Wilhelmsson () and Zan Yang ()
Additional contact information
Zisheng Song: Department of Real Estate and Construction Management, Royal Institute of Technology, Postal: Division of Real Estate Economics and Finance, Teknikringen 10B, 100 44 Stockholm, Sweden
Mats Wilhelmsson: Department of Real Estate and Construction Management, Royal Institute of Technology, Postal: Division of Real Estate Economics and Finance, Teknikringen 10B, 100 44 Stockholm, Sweden
Zan Yang: Hang Lung Centre for Real Estate Studies Department of Construction Management Tsinghua University, Beijing, China
Abstract: Although the rental market is relatively small in China, rental housing is an integral part of the housing market as a whole and plays a vital role in reducing pressure from the owner-occupied housing sector. In general, knowledge about the functioning of the rental market and rental dynamics over space and time is relatively limited. The rent index is a useful indicator of the variation of rent and the rental housing market dynamics. Therefore, the primary aim of this paper is to construct a rental-housing index by employing the hedonic model approach. Clustering analysis will be used to identify different rental housing market segmentations. The case study is the rental housing market in Beijing, China, over the period 2016-2018. In summary, we can conclude that a more scientific approach to segmenting the housing market better accounts for the heterogeneity in the market than traditional administrative boundaries.
Keywords: Rent Index; Hedonic Model; Cluster Analysis; Accessibility
JEL-codes: C43; C51; C52; R30; R32
45 pages, September 16, 2020
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