Research On The Information Cost Of The Rental Housing Market In Xi’an Based On The Hedonic Model

In recent years, the rental housing market has been rapid development in the role ofpolicy and market. Information cost in the rental housing market, largely affecthedevelopment of the housing rental market. Research the formation mechanism of therental housing market information cost, quantitative calculation of information cost ofthe lease both sides, of great significance to reveal the rental housing marketinformation asymmetry and reduce the information cost of the lease both sides.This paper used incomplete information theory, based on the hedonic model to buildhedonic price model of the lessor and hedonic price model of the lessee. Collected in2011in Xi’an five boroughs rental listings data, tenant listing data and transactionlistings data, rental listings data and lease listings data were substituted into therespective hedonic price model, used SPSS software to regression analysis to optimizethe model, obtained the lessor and the lessee optimal hedonic price models. Finally, theactual transaction data on behalf of into the optimal hedonic price model, respectively,to obtain the hedonic price of the lessor and the lessee hedonic price, according to themethod of calculation of the information cost obtained to lease each sides informationcost and the rental housing market information cost.Xi’an five districts of the rental housing market information cost showed that: theinformation cost of the rental housing market in Xi’an was high, lessee in theinformation disadvantage, the information cost of the lessee assumed to be higher thanthe lessor’s. High information cost would lead to a longer duration of the markettransactions, hindered the healthy development of the market; Lessee excessiveinformation costs also inhibited the lessee renting positive. The availability of construction property would differently impact to the lease both, the greatest impactwas the housing floor types, this was of guiding significance for the Lease both sides inthe rental transaction. The study also showed the regional distribution of five urbanrent in Xi’an, would provide government agencies experience.Finally, it is recommended that the government should take measures to protect thelessee vital interests, to regulate the rental housing market order to reduce informationcosts; intermediaries should be self-improvement, timely and accurate disclosure of theinformation of rental housing; the lease both sides should strengthen self-protection,and a reasonable collection of rental housingsource of information, reduce informationcost in the transaction process..