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Hedonic Analysis for the Estimation of Condominium Rent Utilizing Web Information

Author

Listed:
  • Takafumi Miura

    (Graduate School of Engineering, The University of Tokyo, 7-3-1 Hongo, Bunkyo-ku, Tokyo 113-8656, Japan)

  • Yasushi Asami

    (Center for Spatial Information Science, The University of Tokyo, 5-1-5 Kashiwanoha, Kashiwa-shi, Chiba 277-8568, Japan)

Abstract

Information is taken from the Web for the hedonic analysis of real-estate rent. Twenty-three wards in Tokyo are chosen as the data-collection areas and the rents of condominiums are estimated. To utilize the website information, variables signifying areal reputation are generated from weblog datasets. The results show that the contribution of such information varies from area to area, and that in areas with a good reputation the contribution tends to become larger. This suggests that such information can be useful for the hedonic analysis of areas with a good reputation, and qualitative aspects such as a good townscape and a sense of high class can be incorporated into this method to improve the accuracy of the rent or price estimation of real estate.

Suggested Citation

  • Takafumi Miura & Yasushi Asami, 2012. "Hedonic Analysis for the Estimation of Condominium Rent Utilizing Web Information," Environment and Planning B, , vol. 39(6), pages 1049-1068, December.
    • Handle: RePEc:sae:envirb:v:39:y:2012:i:6:p:1049-1068
    DOI: 10.1068/b38027
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    References listed on IDEAS

    as
    1. Nikolay Archak & Anindya Ghose & Panagiotis G. Ipeirotis, 2007. "Deriving the Pricing Power of Product Features by Mining Consumer Reviews," Working Papers 07-36, NET Institute.
    2. Chihiro Shimizu & Yasushi Asami & Koji Karato, 2010. "Estimation Of Redevelopment Probability Using Panel Data-Asset Bubble Burst And Office Market In Tokyo," ERES eres2010_029, European Real Estate Society (ERES).
    3. repec:arz:wpaper:eres2010-029 is not listed on IDEAS
    4. Werner Antweiler & Murray Z. Frank, 2004. "Is All That Talk Just Noise? The Information Content of Internet Stock Message Boards," Journal of Finance, American Finance Association, vol. 59(3), pages 1259-1294, June.
    5. Chihiro Shimizu & Koji Karato & Yasushi Asami, 2010. "Estimation of redevelopment probability using panel data," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 28(4), pages 285-300, July.
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    Cited by:

    1. Yasushi Asami & Paul Longley, 2012. "Spatial Thinking and Geographic Information Science," Environment and Planning B, , vol. 39(6), pages 975-977, December.
    2. Taisuke Sadayuki, 2020. "The externality of a mortality incident within an apartment building: cases of homicide, suicide and fire deaths," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 22(1), pages 21-38, January.

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