Apartment Rent Prediction Using Spatial Modeling
AbstractThis paper provides a new model to explain local variation in apartment rents by introducing the notion of a spatial process. This model differs from those in the literature by explicitly specifying spatial association between pairs of locations as a function of distance between them. Data on apartment rents for the eight markets are used to illustrate the spatial model. Results indicate signi?cant prediction improvement over traditional hedonic rent models that only include indicator variables to capture spatial effects.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by American Real Estate Society in its journal journal of Real Estate Research.
Volume (Year): 27 (2005)
Issue (Month): 1 ()
Contact details of provider:
Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
Find related papers by JEL classification:
- L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Morito Tsutsumi & Hajime Seya, 2009. "Hedonic approaches based on spatial econometrics and spatial statistics: application to evaluation of project benefits," Journal of Geographical Systems, Springer, vol. 11(4), pages 357-380, December.
- Beth Wilson & James Frew, 2007. "Apartment Rents and Locations in Portland, Oregon: 1992 – 2002," Journal of Real Estate Research, American Real Estate Society, vol. 29(2), pages 201-218.
- Olivier Parent & Rainer Hofe, 2013. "Understanding the impact of trails on residential property values in the presence of spatial dependence," The Annals of Regional Science, Springer, vol. 51(2), pages 355-375, October.
- Marcus Allen & Ronald Rutherford & Thomas Thomson, 2009. "Residential Asking Rents and Time on the Market," The Journal of Real Estate Finance and Economics, Springer, vol. 38(4), pages 351-365, May.
- Bing Zhu & Roland Füss & Nico Rottke, 2011. "The Predictive Power of Anisotropic Spatial Correlation Modeling in Housing Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 42(4), pages 542-565, May.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (JRER Graduate Assistant/Webmaster).
If references are entirely missing, you can add them using this form.