Rental Market Research Articles

Addressing data quality in Airbnb research

PurposeThis paper aims to examine the primary supply data sources that have been used for research into the sharing economy, and the advantages and limitations of these sources in the literature.Design/methodology/approachTo address the research aims, this study conducted a systematic literature review and content analysis of all relevant articles. Following the review, the methodological sections of the selected papers were examined to identify the characteristics and limitations of all data sources used in the papers.FindingsThis study revealed several limitations of the use of three major data sources, namely, web scraping with self-made bots, inside Airbnb and AirDNA, for sharing economy research. The review shows that the majority of the selected papers did not acknowledge any limitations, nor did they discuss the quality of the data sources.Research limitations/implicationsThe findings of this paper can serve as guidelines for selecting appropriate data sources for research into the sharing economy and cautions researchers to address the limitations of the data sources used.Originality/valueTo the best of the authors’ knowledge, this is the first study that explores the advantages and limitations of data sources used in short-term rental market research.

Analysis of the Latest Changes and Development Trends in the International Rental Market

Due to the impact of the global COVID-19 pandemic, the international rental market has been affected by various degrees of economic and environmental impacts, resulting in large volatility since 2020. Among the several countries and regions, including North America, Asia, and Europe, their developed rental market business sizes all show different downward trends. However, the rental business in China has been on the rise, because the country's epidemic prevention and control efforts have been successful. From 2020 to 2022, the proportion of China's rental business in the world has steadily increased, and China has gradually become an emerging force in the international rental market. However, the landscape of the world's rental industry has not changed and the overall structure and nature of the world's rental market has not fundamentally changed. This paper analyzes the latest changes in the international rental market and puts forward corresponding suggestions based on the data of penetration rate and market share of important countries in the international market in the past three years.

Human-Computer Interaction Applied in Rental Market

The development of Human-Computer Interaction (HCI) provides opportunities and chal-lenges for humans. The growing uses of HCI are applied in broad industries, such as the technology industry, medical industry, and commerce industry, etc. This article indicates the importance of HCI in the commerce industry by comparing two rental apps and how these HCI principles can be applied to serve users better.

The impact of COVID-19 on the European short-term rental market.

The diffusion of COVID-19 and related containment measures practically halted tourism flows, which in many countries generate a significant share of GDP. By leveraging Airbnb data covering the main touristic destinations in Europe, we investigate the impact of the pandemic on the market for short-term rentals up to early 2021. We find that the epidemic reduced dramatically both the supply of apartments available for rents and customers' demand, with travellers cancelling many reservations and reducing new bookings even many months in advance. Accommodations relying relatively more on foreign tourism were the hardest hit and reacted by cutting prices. By exploiting the different timing of the epidemic spread across Europe and the timelines and intensity of the measures adopted to contain it, we show that government mandated restrictions had a stronger impact than the spread of the infection itself. All in all, our results point to a persistent and heterogeneous impact of COVID-19 on the accommodation industry.

Mechanism of Chinese farmers’ land rental participation: The role of invisible markets and public intervention

This study focuses on the impact of invisible markets such as price, supply, demand, and public intervention through building intermediary organizations on rural households’ decisions to rent in or rent out land, and it compares factors that are critical in the current development of the land rental market. The study uses nationally representative farm and village survey datasets and the Box-Cox double-hurdle model. The study finds that public intervention, represented by intermediary organizations established at the grassroots level, plays a more significant role than invisible markets in improving the probability that farm households rent in or rent out land and increasing the amount of land rented. The intermediary organizations have increased the share of land area transferred to the total area at the village level. However, the price mechanisms, represented by the village-level land transfer rate and the village’s average land rent, failed to guide the flow of land resources. We put forward policy implications for how public institutions and market intermediaries can promote China’s land rental markets and how to perform price mechanisms more effectively.

Housing Supply and How It Is Related to Social Inequalities—Air Pollution, Green Spaces, Crime Levels, and Poor Areas—In Catalonia

We carried out a search of over 12,000 houses offered on the rental market in Catalonia and assessed the possibility of families below the poverty threshold being able to rent these homes. In this regard, we wanted to evaluate whether the economic situation of families is able to influence their social environment, surroundings, and safety. We observed how their economic situation can allow families the possibility of developing a life without exposure to health risks, and how economic constraints result in disadvantages in several areas of life. The results show how families at risk of poverty live in less favourable conditions and experience a widening of different gaps, with current prices leading to a possible poverty trap for the most disadvantaged groups. The higher the percentage of the population below the threshold, the lower the possibility of not being able to rent a house compared to areas with a lower prevalence of population below the threshold. This association was observed both when considering the risk linearly and non-linearly. Linearly, the probability of not renting a house was reduced by 8.36% for each 1% increase in the prevalence of population at risk of extreme poverty. In the second, third and fourth percentage quartiles, the probability of not being able to rent a house decreased by 21.13%, 48.61%, and 57.79%, respectively. In addition, the effect was different inside and outside of metropolitan areas, with the former showing a decrease of 19.05% in the probability of renting a house, whereas outside metropolitan areas the probability increased by 5.70%.

Machine Learning-Based House Rent Prediction Using Stacking Integration Method

With the advancement of urbanization and the gradual increase of the rental population, the housing rental market is growing rapidly. It is important to achieve accurate housing rent prediction in order to stabilize the rental housing market. The influence of spatial and temporal factors has led to the complexity of house rent prediction, so it has always been difficult to find an appropriate method. In recent years, machine learning models have been widely studied and applied in various fields, which may provide a promising solution to it. In this paper, a stacking-based ensemble learning model is proposed to solve the problem of house rent prediction. First, the raw data are preprocessed, including decomposing hybrid features, removing rent outliers using scatterplot, removing uncorrelated features, and applying one-hot encoding to transform categorical features into numerical features. Second, the pre-processed data is normalized to unify the magnitudes. Then, the competent base predictive models are selected from all the trained base predictive models and integrated into a comprehensive ensemble model using the stacking integration method to make the final prediction. Finally, the various models are evaluated by some metrics. The experimental results show that the proposed stacking integration-based machine learning method outperforms the individual machine learning methods in solving the house rent prediction problem.

Neighborhoods of last resort: How landlord strategies concentrate violent crime

AbstractStudies of crime hot spots have argued that landlords’ management styles, specifically their tenant screening and property monitoring techniques, affect crime. These studies, however, have rarely considered the political–economic contexts in which these actions take place: specifically, how landlords’ behaviors are shaped by, and themselves reproduce, larger rental market structures. Drawing on data pertaining to eviction rates, criminal incidents, housing code violations, and landlord behavior in Milwaukee, Wisconsin, this study documents how extractive rental management strategies, such as weak tenant screening, frequent eviction filings, and property disinvestment, concentrate crime at particular properties. In turn, high rates of crime in a neighborhood incentivize these extractive landlord strategies. By showing how landlords’ economic strategies are central to urban crime geographies, this study contributes to our understanding of third‐party policing by revealing the limits of market‐based solutions to place management dilemmas.

Generation Z’s response to the virtual reality advertising in China

PurposeVirtual reality (VR), as a new type of media technology, significantly improves the audience experience with product presentation in the marketing communication field. The apartment rental market, particularly in China, has no exception in adopting VR technology in its communication strategy. VR usage has been boosted since the outbreak of COVID-19 and has become a widespread application in the global apartment rental market. Although extant studies have analyzed how real estate companies use VR technology to enhance customer experience, few studies have been made to explore the power of VR in apartment rental advertising, particularly in targeting the youth in China market. To fill this research gap, this study aims to figure out how young consumers perceive VR advertising and characteristics of VR used in apartment rental advertisements, and how VR advertising affects young consumers’ intentions to rent an apartment.Design/methodology/approachA cross-sectional survey was conducted in 2021 with 301 Chinese university students aged 18 to 23. All respondents were invited offline and guided to watch one selected rental advertisement with VR technology featuring an apartment of about 50 square meters and then complete a questionnaire.FindingsVR’s media richness in the apartment rental advertising increases its sense of presence perceived by the survey respondents. Both VR’s media richness and sense of presence positively influence respondents’ attitudes toward the advertised apartment. If respondents evaluate the advertised apartment positively, they are more willing to rent the advertised apartment.Research limitations/implicationsThe sample size is not large enough to represent all Generation Z consumers in China. The use of the nonprobability sampling method also limits the generalizability of the study results.Practical implicationsTo counter the challenges created by COVID-19, apartment rental service providers and apartment owners/landlords are suggested to enhance the application of VR technology to the apartment rental advertisements to grow young consumers’ interest in the advertised apartments and even their renting intention.Originality/valueTo the best of the authors’ knowledge, this is the first quantitative study to assess young consumers’ responses to VR apartment rental advertising in China.

Land rental markets as a poverty reduction strategy: evidence from Southeast Asia

PurposeThis study aims to investigate whether the participation in land rental markets helps to mitigate impacts by climate change on multidimensional poverty in Thailand and Vietnam.Design/methodology/approachThe authors use precipitation data from the National Aeronautics and Space Administration (NASA) and self-reported shocks from the Thailand Vietnam Socio-Economic Panel (TVSEP) project to estimate climate change. Data from the TVSEP are also used to calculate a multidimensional poverty index (MPI). Fixed-effect logit panel regressions with interaction terms are implemented to analyze the above mentioned.FindingsThe results show that land rental markets are used as mitigation strategies to climate change in Thailand and Vietnam. The participation in land rental markets also reduces multidimensional poverty. However, as a mitigation strategy, land rental markets are only successful in certain circumstances.Research limitations/implicationsThe results show that there is potential in using land rental markets as mitigation strategies to climate change. Further research is needed to better understand which adaptation strategies, besides land rental market participation, and which combinations of different adaptation strategies are successful to mitigate negative effects induced by climate change.Practical implicationsThe results show that there is potential in using land rental markets as mitigation strategies to climate change. Therefore, education in the participation in land rental markets and how to use them as a mitigation strategy can be a way to increase households' resilience to negative effects induced by climate change. Households make better decisions regarding their land when they are better informed on the functionality of land rental markets. Additionally, being better informed increases self-confidence to participate in land-rental markets.Originality/valueLand rental markets as a mitigation strategy to climate change rarely have been studied, and if so, mainly the effect of leasing land has been studied. Additionally, the authors implement new measures of poverty – a multidimensional view on poverty which provides new insights into who are the poor and how they can be lift out of poverty.

Valuing options to renew at future market value: the case of commercial property leases

In this study, we develop and empirically test a valuation model for a commonly encountered option in office leases: a tenant’s option to renew at future market rent (a fair market value) with lease termination as the maturity date. The model integrates decision analysis with real options analysis and market risk with private risks. “Option value” is defined as the private value of the option to either party pre-contract, while “option price” assumes a fair agreement between transacting parties and can be positive (rental premium paid) or negative (rental discount offered). Without manifest expectations, an analysis of a sample of office leases supports the model’s logic with price estimates in a practical range. The tenants’ option price/value is shown to have a negative relationship with the original/renewal lease term; conversely, the landlords’ option value is positively related to the original/renewal term. Comparative analyses show that transaction costs have a positive effect on tenants’ option value and on prices, while vacancy costs and the vacancy period are both positively related to the landlords’ option value and negatively related to price. Market rent is found to have a negative relationship with option price. Overall, this study provides a theoretical analysis and empirical tests of the value of a real option that allows option holders to renew/extend their contracts at a fair market value.

Direct-to-Video (On Demand): New Industrial and Cultural Valuations of Nontheatrical Film Releases

Direct-to-Video (On Demand): New Industrial and Cultural Valuations of Nontheatrical Film Releases

Farmland rental market participation and residential energy consumption: Evidence from rural areas in China

Farmland rental market participation and residential energy consumption: Evidence from rural areas in China

주변 임대시세를 고려한 공공임대주택 거주자 임대료 편익 분석*

The purpose of this study was to figure out rental benefits of the public rental housing by a household level and identify regional differences. This study numerically presented economic benefits produced by occupying the public rental housing in order to show implications for taking upcoming measures. The results of this study are as follows. First, the rental benefit of the public rental housing marked 19,500 won/m² per month, which was 29% of private rental market prices in the neighborhood. Second, the rental benefit of the public rental housing differed from regions. In particular, there was a clear regional difference between permanent and national rental housings. Third, the more expensive the rent was than the market prices in the neighborhood, the lower the rental benefits and the longer the resident period, the higher the rental benefits. Lastly, the geographically weighted regression model was used to figure out the effect of the improved model and the regional difference from influential factors. The results numerically showed that the rent of the public rental housing was very cheap and suggested the necessity of regional distribution for the public rental housing and of the rent connected to the market price.

Discrimination against Migrants in the Moscow Rental Market (Case Study of Iranian and Tajik Students)

For finding accommodation in Moscow, international students face many discriminatory advertisements and landlords who refuse to lend their properties to immigrants because of their ethnicities, religion, etc., which puts tremendous pressure on international students. However, the landlords might believe that their behavior is not discriminating. Therefore, in this study, we aim to investigate the existence of discrimination against Iranian and Tajik students in Moscow’s rental market. We have chosen Iranian and Tajik students currently studying in Moscow since the students from these two countries share a similar language, religion, and culture. This study uses a qualitative approach based on a structured interview consisting of 15 questions to understand the problems Iranian and Tajik students face in Moscow’s rental market. Also, we analyzed 1,221 rental advertisements to determine the number of discriminatory expressions on Russian real estate websites and applications. The results show that discriminative words such as “Strictly Slav,” “Only Slav,” and “Slav (Russian citizens only)” include almost 25% of the advertisements on internet websites. The study results also show that landlords refuse to lend an apartment, room, or bed to Iranian and Tajik students for almost the same reasons, such as their ethnicities, religion, and a citizen of another country rather than the Russian federation being a student. We can conclude that the role of universities in facilitating the housing problems of international students and the role of the government in providing juridical access in terms of discrimination is essential.

The model of tenure choice in life cycle of Poles

Housing tenure decisions depend on individual preferences and the surrounding economic conditions, and change along economic changes and the development of the housing market. Poland is a post-socialist economy that has observed significant improvements in the housing market. The emergence of housing developers that increase the housing stock rather fast, a housing finance system and the still slow emergence of a private rental market allowed many people to make free tenure choices and to become independent. In this part of the paper we present the literature review and the historical background of the housing market in Poland.

A Study on the Prospects and Development of the Golf Apparel Rental Market Using Big Data Analysis

PURPOSE The purpose of this study was to understand the current market trend for golf apparel rental services and to present basic data to revitalize the golf apparel rental service market and prepare continuous growth plans. METHODS The following keywords were selected for data collection: "golf wear + rental (렌탈)," "golf wear + rental (대여)," "golf apparel + rental (렌탈)," and "golf apparel + rental (대여).“ The analysis period was limited to two years and seven months from January 1, 2020 to July 31, 2022, when COVID-19 began. The analysis was focused on the top 60 keywords to simplify the network. RESULTS Various keywords were extracted through text mining, TF-IDF, connection centrality, emotional analysis, and semantic network analysis of big data analysis. These were then categorized into four factors: “golf apparel rental service,” “self-expression and authentication,” “sharing economy,” and “emotion.” CONCLUSIONS The results of this study show that young golfers are unreluctant and are generally positive in renting golf apparel. Therefore, if the growing paradigm of the consumption behavior of MZ-generation golfers is recognized and analyzed and the requirements are continuously satisfied through various strategies, there will be a higher possibility to help expand the golf apparel rental market.

The Development History of International Housing Rental Market and Implication for China

Since the industrial revolution in the 18th century, under the background of different historical stages, this study chose the representative typical regions or countries of that period to analyze the origin, background and policy process of the development of the rental housing market. From the perspective of time evolution, it presents the “epitome” of the development of the rental housing market in each region under different stages of social development. Based on the perspective of international comparison, this paper summarized the general rules of the development of international rental housing market, with a view to forming useful experience and inspiration for the development of China’s housing rental market. At present, China’s housing rental market is under construction, and in the process of development, it is necessary to focus on balancing three pairs of relationships, namely, the relationship between foreign experience and domestic reality, the relationship between social market and the government, and the relationship between housing and people􀆳s livelihood. In this regard, it is recommended that the top-level policy design of policies for the housing rental market in line with the national conditions be accelerated and supporting measures be improved; the synergistic development of government-subsidized rental housing and market-oriented rental housing be strengthened, and the responsibility of employers be brought into play; and the housing rental market be in accordance with city-specific policies to meet the housing needs of different types of citizens.

The Private Sector in the Rental Housing Market

Numerous types of literature contend that housing plays a role in both the low-income population's need for public assistance and the comparatively affluent families' need for mortgage financing. Due to the failure of vacant homes, which ultimately resulted in wasted resources since medium-low income groups have curtailed purchasing power, the rental housing market is progressively where social progress is consolidated. Based on the role of rental housing, this paper goes into considerable detail about the private sector in this market. In tandem with the findings of previous studies, the research indicates that private power enhances social development in terms of active trading, achieving wealth, and alleviating the government's financial burden. However, the research discovers that some issues exist widely behind this aspect of the rental market, which not only causes significant life costs for some youngsters but also that the efficiency is constrained by governmental policies, as evidenced by data from some selected economies. Thus, the analysis is followed by some recommendations derived from the paper to use some financial investments such as leveraging and the REITs tool, as well as perspectives on adjusting governmental policies as strategies to strengthen the private rental market.

The Impact of Water Body Restoration on the Sales and Rental Markets in Beijing

<h3>Abstract</h3> Black and odorous water bodies (BOWBs) are increasingly common in cities worldwide. This paper evaluates the impact of an urban water bodies restoration program in Beijing, China, based on detailed housing sale and rental transaction data. We implement a hedonic price model with a difference-in-difference and a triple difference approach and find that listing and restoration of a BOWB significantly increase house prices by 2.2-3.9 percent and 2.3-4.9 percent, respectively, while at the same time increase rents by 11.3-13.7 percent and 13.4-16.9 percent, respectively.