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A hedonic investigation of the rental value of apartments in central Bordeaux

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  • Martin Hoesli
  • Bernard Thion
  • Craig Watkins

Abstract

In recent research it has been argued that the hedonic regression technique can be usefully applied to the valuation of residential property. This research has focused on the valuation of owneroccupied dwellings. It is the aim of this paper to show how this technique can also usefully be applied to the private rented sector. This research implicitly recognizes both the importance of physical characteristics and the existence of market segmentation (reflected in neighbourhood premiums) in determining rental values, and finds that empirical results support this. It is argued that the model developed can help provide an understanding of the structure of local housing markets and the factors influencing the determination of rents. This should prove useful, both for landlords and tenants, in estimating the rental value of a property on the basis of the income approach to valuation.

Suggested Citation

  • Martin Hoesli & Bernard Thion & Craig Watkins, 1997. "A hedonic investigation of the rental value of apartments in central Bordeaux," Journal of Property Research, Taylor & Francis Journals, vol. 14(1), pages 15-26, January.
  • Handle: RePEc:taf:jpropr:v:14:y:1997:i:1:p:15-26
    DOI: 10.1080/095999197368735
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    File URL: http://hdl.handle.net/10.1080/095999197368735
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    References listed on IDEAS

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    1. Freeman, A Myrick, III, 1979. " Hedonic Prices, Property Values and Measuring Environmental Benefits: A Survey of the Issues," Scandinavian Journal of Economics, Wiley Blackwell, vol. 81(2), pages 154-173.
    2. Rothenberg, Jerome & Galster, George C. & Butler, Richard V. & Pitkin, John R., 1991. "The Maze of Urban Housing Markets," University of Chicago Press Economics Books, University of Chicago Press, number 9780226729510, December.
    3. Sandra Buchel & Martin Hoesli, 1995. "A Hedonic Analysis of Rent and Rental Revenue in the Subsidised and Unsubsidised Housing Sectors in Geneva," Urban Studies, Urban Studies Journal Limited, vol. 32(7), pages 1199-1213, August.
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    Cited by:

    1. Fabrice Barthélémy & Alessandra Michelangeli & Alain Trannoy, 2007. "La rénovation de la Goutte d'Or est-elle un succès ?. Un diagnostic à l'aide d'indices de prix immobilier," Economie & Prévision, La Documentation Française, vol. 0(4), pages 107-126.
    2. Maurizio d’Amato, 2007. "Comparing Rough Set Theory with Multiple Regression Analysis as Automated Valuation Methodologies," International Real Estate Review, Asian Real Estate Society, vol. 10(2), pages 42-65.
    3. Benoit Faye & Éric Le Fur, 2010. "L'étude du lien entre cycle et saisonnalité sur un marché immobilier résidentiel. Le cas de l'habitat ancien à Bordeaux," Revue d'économie régionale et urbaine, Armand Colin, vol. 0(5), pages 937-965.
    4. Stevenson, Simon, 2004. "New empirical evidence on heteroscedasticity in hedonic housing models," Journal of Housing Economics, Elsevier, vol. 13(2), pages 136-153, June.
    5. Mike Wrigley, 2001. "Transport Policy and Property Values," ERES eres2001_300, European Real Estate Society (ERES).

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