Abstract
ABSTRACT China’s skyrocketing residential market has raised concerns about housing affordability in metropolitan areas. Current literature usually overlooks the various mechanisms between sale and rent, which may unfold more fundamental structural forces beyond housing location and attributes. This study constructs an analytical framework to investigate how global, regional, and local development contexts, including institutional forces, urban spatial structure, human capital, and neoclassical factors, affect apartment sales and rental prices in Shanghai, China. These factors collectively shape the city’s residential market, but renters and buyers may show different housing preferences. Such variation is highly related to their residential status, as renters may prioritize job opportunities while buyers value service amenities more. From the spatial perspective, suburban areas are more inclusive than urban centers, as globalization and institutional factors have exacerbated inequality in the residential housing market in urban centers, and homeownership is changing the patterns of segregation in Chinese cities.
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