Housing rent rigidity under downward pressure: Unit-level longitudinal evidence from Tokyo

Suzuki, Masatomo; Asami, Yasushi; Shimizu, Chihiro

doi:10.1016/j.jhe.2021.101762

Cited by 5 publications

(2 citation statements)

References 29 publications

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“…The land price includes commercial/business land use, which is more likely to be found in areas with high walkability, not only residential use. For housing rents, because single people are the primary tenants in Japan and tend to stay for shorter periods of time [ 58 , 59 ], they may not find accommodation and live in the neighborhood where they desire to reside the most (i.e., the housing rents may not be the most reflective of residents’ preference). The wide variety of locations of single-family detached houses enables us to clarify the differences in residents’ revealed preference (based on their sale price), taking into consideration the relationship between neighborhood walkability and flood/sediment risk.…”

Section: Introductionmentioning

confidence: 99%

The relationship of single-family detached house prices with neighborhood walkability and disaster risk

Kim,

Baba,

Shimizu

et al. 2023

PLoS ONE

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People’s preferences regarding their neighborhood environment can vary depending on their socioeconomic status and the cities where they live. This study aims to discern the relationship between neighborhood environment factors and single-family detached house sales by sale price and by central and noncentral cities. We analyzed sale prices in the Tokyo Metropolitan Area from 2015 to 2020. The neighborhood environment was assessed using flood/sediment risk and neighborhood walkability measured by net residential density, intersection density, and facility density (walking opportunity). Flood and sediment risk is a major concern that restricts the available land and is included as a negative aspect of the neighborhood environment, taking the topographic features into consideration. A comparison of the results showed that the preference for neighborhood walkability varies by socioeconomic status as well as by target cities. For most facility types, the number of walking opportunities within walking distance from houses was found to be positively related to the sale price of single-family detached houses in all quantiles. The relationship of house price with population and intersection density was found to vary depending on the price level, with a negative relationship with the sale price of relatively more expensive houses being exhibited. People who considered buying houses with relatively higher sale prices were found to devalue houses located in flood/sediment-hazardous areas more. However, it was also found that the negative relationship was slightly mitigated in the highest quantile of sale prices for houses in areas with a moderate flood risk (maximum flooding depth: 3–5 m). Plains near rivers with amenities offer high walkability but pose a flood risk, resulting in a trade-off between flood risk and neighborhood walkability. The findings suggest the use of indices representing diverse preferences in accordance with the target socioeconomic status when policymakers assess the neighborhood environment.

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Section: Introductionmentioning

confidence: 99%

The relationship of single-family detached house prices with neighborhood walkability and disaster risk

Kim,

Baba,

Shimizu

et al. 2023

PLoS ONE

Self Cite

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“… 37 For empirical evidence on the existence of sticky rental prices, see Genesove, 2003 , Suzuki et al, 2021 and Aysoy et al (2014) . For a theoretical treatment, see Gallin and Verbrugge (2019) .…”

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confidence: 99%