Study On The Hedonic Price Of Branded Apartments In Wuhan

For a long time,in China’s housing supply,it’s attached great importance to purchasing and little importance to renting.Insufficient housing rental market has affected the healthy development of the real estate market.Since 2015,our government has attached great importance to the cultivation of the housing rental market.The large-scale development is an important way to cultivate the housing rental market,which is of great significance to improve the service level of housing rental,standardize the behavior of housing rental,promote the development of housing rental market and construct the housing system of simultaneous renting and purchasing.Our government has provided a series of policies in the fields of land,capital,taxation and finance,to promote the large-scale development of housing rental.In this context,branded apartment has a certain development.In Wuhan,one of the first 12 cities to carry out the pilot program of housing rental,the branded apartment market has developed rapidly,with a three-fold increase compared with the total number of houses available before 2015.The branded apartment market in Wuhan presents the following characteristics:(1)Though the branded apartment develops rapidly,the share of it in the housing rental market is low;(2)Compared with decentralized apartments,the residential safety,comfort and sociability of centralized apartments are better.However,the development of centralized apartments are relatively slow because the project is more difficult to obtain and the demand for funds is higher.In the centralized apartments in Wuhan,projects by real estate developers account for the highest proportion..The rent of branded apartments is the main factor affecting its development,and it,s also directly related to the housing consumption capacity of the tenant.This paper focuses on the hedonic price of centralized apartments and decentralized apartments.The empirical study shows that the building nature,the type of operators,project scale,brand awareness and other characteristics have a significant impact on the rent of branded apartments.(1)Among the centralized apartments,the monthly unit area rent of the apartments transformed by the industrial and commercial project is higher than that of the residential project,and the monthly unit area rent of the apartments operated by real estate developers is higher than that of the apartments operated by specialized apartments operators.Besides,the larger the project is,the lower the monthly unit area rent of apartments is;(2)Among the decentralized apartments,the monthly unit area rent of the national brand apartments and the local brand apartment of largest scale higher.In addition,variables such as facilities,room floors,total building floors,private toilets,number of bus routes within 500m,provincial key primary school within 1km,and grade 3A hospital within 1km have a positive impact on unit area rent of branded apartment,and variables such as housing area,distance from the city center,distance from the nearest subway station,and bus station within 1km have a negative impact on the unit area rent of branded apartment.Based on the above conclusions,this paper puts forward four suggestions from the perspective of improving the living conditions of tenants,providing rental housing matching with residents’housing payment ability,and constructing the housing system of simultaneous renting and purchasing in China:(1)Put emphasis upon encouraging the development of centralized apartments.Encourage the specialized apartments operators to develop branded apartments.(2)Encourage more local enterprises to develop branded apartments;(3)Give more support to industrial and commercial renovation projects in branded apartments;(4)Construct branded apartments with a certain scale,moderate housing area and complete public facilities.