Abstract
In the last decades, some global events such as the economic crisis of 2008 and the COVID-19 emergency of 2020, have generated more attention towards the housing rental market and its capacity to meet several social needs. In order to study the existent demand for houses, then define the interventions on the residential assets to make them more affordable for the most fragile population groups, adequate evaluation tools are required. With reference to the residential property segment of five metropolitan cities located in the Italian territory, the present research is aimed at analyzing the contribution of the most influencing factors on rental prices. In particular, this research refers to the rented properties of the second half of 2019, with a set of variables that represent the intrinsic and extrinsic factors of the local market. The implementation of an automated valuation model allows the determination of the most significant factors and the functional relationships that they have with housing rental fees. The outputs obtained could support the improvement of equitable public housing policies or could guide private investment decisions, such as refurbishment interventions of certain significant factors that could increase the market rental value. This study is the first step in wider research that is currently in progress, which aims to investigate the effects of the existing COVID-19 pandemic on the residential rental market.
Highlights
The recent rental market trend has constantly changed and is characterized by rapid bargaining, increasing rents, and high demand
Due to the social and job dynamics that can occur, in the city of Beijing (China) in 2016, quantile regression of housing rent was conducted by [34], and the results indicated that higher-priced renters preferred to live in newly built houses with a larger living area, more bedrooms, in a higher school quality attendance zone, which is closer to an employment center, park, and school, than lower-priced renters
The research carried out by Oshodi et al dealt with the development of a neural network model for estimating the rental prices of residential properties in Cape Town, South Africa, and the results revealed that the balcony and floor areas had the most significant impact on the rental price of residential properties, whereas the parking type and the presence of a swimming pool had the lowest influence on rental prices [44]
Summary
The recent rental market trend has constantly changed and is characterized by rapid bargaining, increasing rents, and high demand. An analysis of the rental market, based on a sample of online ads just prior to the COVID-19 pandemic, showed an increase in rents per m2 in the provincial capital municipalities. This has increased from 1.6% in 2017 to 3.3% in. The analysis of the most influential factors on selling and rental housing prices provides essential issues for the social purposes of sustainable urban planning included in the Agenda 20300 s goals. Understanding the preferences and decisional processes that characterized both the selling, and the renting, residential markets of an urban context highlight the critical issues that need to be improved for reducing the housing problems. Chiwuzie et al [23,24]
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