Job Accessibility Effects on Apartment Rentals
Date Issued
2014
Date
2014
Author(s)
Cheng, Yu-Chun
Abstract
The previous studies applied transaction prices to explore the relationships between job accessibility and housing cost and concluded that transaction prices and job accessibility are positively correlated. After the Financial Tsunami in 2008, investors turned their capital to more stable investment targets, which include real estate markets, and have resulted in elevated property prices worldwide in recent years. However, transaction prices are affected by investment demands that result in research biases. Consequently, house rentals are further adequate in studying the issue while have not been well explored before. To fill the research gap, this study empirically investigated job accessibility effects on apartment (or collective housing) rentals using sample data in Taipei Metropolitan Area, Taiwan.
This study examined the effects of job accessibility on apartment rentals for different sub-markets including building types and apartment types, different transportation modes and various rental levels. There were six hypotheses examined in this study: H1: job accessibility positively affects apartment rentals; H2: the effects of job accessibility on apartment rentals are different among various transportation modes; H3: the effects of job accessibility on apartment rentals are different among various building types; H4: the effects of job accessibility on apartment rentals are different among various property types; H5: the effects of job accessibility on apartment rentals are different among various rental levels; H6: the impact of job accessibility of public transportation modes on apartment rentals is greater than the impact of job accessibility of private transportation modes on apartment rentals. To examine the hypotheses, this study employed a gravity-type job accessibility index and used 7,077 observations in Taipei Metropolitan Area in 2009 as the study sample. The linear regression and quantile regression were both used to analyze the sample data. The results show that general job accessibility was positively associated with apartment rentals. And, different sub-markets of building types and apartment types had different effects of general job accessibility on apartment rentals. Also, different job accessibility of transportation modes had different effects on apartment rentals.
There are five important conclusions to this study. First of all, job accessibility would positively affect rentals besides the sub-market of suite and the room. Second, different transportation modes, including motorcycle, car and public transportation, would have different job accessibility effects on rentals. Third, job accessibility would have different effects on rentals of different building type sub-markets. Forth, higher rentals would be negatively affected by job accessibility. Lower rentals would be positively affected by general job accessibility and different transportation modes of job accessibility. Finally, the job accessibility effects of private transportation modes (especially motorcycle) on rentals are greater than that of public transportation modes in Taipei Metropolitan Area.
There are two important contributions to the literatures. First, this study presents new evidence regarding the effects of job accessibility on apartment rentals and the effects are significantly different among various sub-markets and transportation modes. Second, the findings of the present study provide a reference for governments in developing the policy of rental subsidies.
Subjects
工作可及性
集合住宅
租賃價格
線性迴歸
分量迴歸
SDGs
Type
thesis
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