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June 26 2014

Job Accessibility Effects on Apartment Rentals. Yu-Chun Cheng National Taiwan University Department of Geography Graduate Student. June 26 2014. Outline. 1. Introduction. 2. Methodology and Design. 3. Data. 4. Result. 5. Discuss. Introduction.

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June 26 2014

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  1. Job Accessibility Effects on Apartment Rentals Yu-Chun Cheng National Taiwan University Department of Geography Graduate Student June 26 2014

  2. Outline 1. Introduction 2. Methodology and Design 3. Data 4. Result 5. Discuss

  3. Introduction • 1. Research Bias: the transaction price has the investment demands • Osland & Thorsen (2008) employed the 2788 samples of residential transaction price and accessibility index. • Osland & Thorsen（2013）set the Spatial Durbin Model to explain the spatial characters。 1Background 2 Investment Demands Consumer Demands Transaction Price Rental Price

  4. Introduction • 2. Ignore the Sub-market in the residential real estate market • Levine (1998)shows that different accessibility would decide different land cost and transportation cost. • Adair et al.（2000）discuss that job accessibility affect totally residential market and sub-market by different price 1Background 2 Residential Price Job accessibility Different Transportation Mode

  5. Introduction 1. Research gap 1 2Purpose Sub-market • 2. Research purpose • This study empirically investigates the job accessibility effects on apartment rentals using sample data in Taipei Metropolitan area, Taiwan. • This study examines the effects of job accessibility on apartment rentals for different sub-markets.

  6. Methodology and Design Different background of job and salary Commutes trans. mode choice Elevator building Building Type Private Trans. Non-elevator building 1Topic Discuss Suite Public Trans. property type Room 2 House 3 Rental Price. Job Accessibility.

  7. Methodology and Design Features of housing External features Internal features • 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 rentals. • H6: the impact of job accessibility by public transportation on apartment rentals is greater than the impact of job accessibility by private transportation on apartment rentals 1 Job accessibility Pub. Trans. Private Trans, 2Hypothesis 3 Rental Price q(0.5) q(0.75) q(0.9) q(0.1) q(0.25)

  8. Methodology and Design 【Control variables】 1 property type Building type Bedroom, Kitchen, Restroom The house of the year 2 Located floor House area 3Model Distance to the station Distance to bus stop Distance to main road Distance to the railway

  9. Methodology and Design 1 1. The linear regression for full sample 2 2. The quantile regression for full sample 3Model

  10. Methodology and Design 1 Commuting time, Distance cost, Parking cost 3. Job accessibility index 2 3Model Commuting time, Wating time, Fee, Uncomfortable cost

  11. Prediction of return on investment Prefer to RENT High capital gain Data High Investment demand＞Consumer demand P/I ratio High Residential market 1Background Low Investment demand＞Consumer demand P/I ratio Low Low capital gain Prefer to BUY 2 3

  12. Data 1Background 2 3

  13. Data 【Empirical space】 1Background 2 3

  14. Data 1 2Variables 3

  15. Data Sample distribution 1 2 3Descr. statistical

  16. Data Description statistical of rental 1 2 3Descr. statistical

  17. Result 1Model calibrat. 1. Analysis of Correlation • Correlation coefficient（continuous variable）：Using the measurement of Pearson product-moment correlation coefficient. • Contingency Table Analysis（categorical variable）： Using the measurement of chi-square test. 2 distance to the railway distance to the station High correlation 2. Decision of independent variables: Xn, Xn1/2, Xn 2, Xn 3, ln Xn 3. Test of independent variables

  18. Result 4. Basic and extend model for linear 1Model calibrat. 2 • Geoghegan et al.(1997)：Uncomfortable for near the main road

  19. Result 4. Basic and extend model for linear 1Model calibrat. 2

  20. Result • 5. Extend model for quantile • Model A-1 : Overall job accessibility 1Model calibrat. 2

  21. Result • 5. Extend model for quantile • Model A-2 : Different transportation modes of job accessibility 1Model calibrat. 2 Job accessibility by motor Job accessibility by public transportation Job accessibility by car

  22. Result • H1: job accessibility positively affects apartment rentals. • H2: the effects of job accessibility on apartment rentals are different among various transportation modes. 1 2Hyp. Test The effects are different The effects are different The effects are different

  23. Rentals of Elevator Building • Rentals of Elevator Building • Rentals of Elevator Building • Rentals of Non-elevator Building Result • H3: the effects of job accessibility on apartment rentals are different among various building types. 1 2Hyp. Test The effects are different The effects are same Overall job accessibility Job accessibility by motor Job accessibility by car Job accessibility by pub. Trans.

  24. Result • H4: the effects of job accessibility on apartment rentals are different among various property types. 1 The effects are same 2Hyp. Test The effects are different

  25. Result • H5: the effects of job accessibility on apartment rentals are different among various rentals. • [Overall job accessibility] • [Different transportation modes of job accessibility] • The effects of job accessibility by motor on High rentals for q(0.9) and q(0.75)are same, others are different. • The effects of job accessibility by car on High rentals for q(0.9) and q(0.75)are same, others are different. • The effects of job accessibility by car on rentals are same. 1 2Hyp. Test The effects are different The effects are different q(0.1) q(0.5) q(0.9)

  26. Result • H6: the impact of job accessibility by public transportation on apartment rentals is greater than the impact of job accessibility by private transportation on apartment rentals 1 2Hyp. Test

  27. Discuss 1Conclusion 2

  28. Discuss • Job accessibility index: using the traffic zone with peak time at morning to measure. • Samples； • The distance of external features using the google map to measure have some errors. It could be measured accurately in the future. • Some features (such as service features) couldn’t be collected in this study. • This study didn’t consider the spatial variation (including the space and time) because of data limitation. 1 2Limitation

  29. The End Thank you for your attention

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