Abstract
Following the recent revisions in the Building Act, the real estate market has started offering studio apartments for residential use. Millennials have become the main demand for such studio apartments, and the real estate markets are now focusing on their lifestyles. Notably, not many studies have been conducted for analyzing the rent of residential studio apartments by taking millennials into consideration. The main purpose of this paper is to examine the impact of the lifestyle of millennials on the rent of residential studio apartments. Residential amenities offered considering lifestyle of millennials include parks, cafes, gyms, and convenience stores. A headonic price analysis was conducted to verify the effect. The empirical estimates revealed that the number of cafes and sports facilities near studio apartments had a positive effect, whereas distance from parks had a negative effect on rent. The results also showed that amenities offered to millennials influenced rents of residential studio apartments. Therefore, millennials need to be considered in terms of analyzing rents of studio apartments and establishing housing policies.
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