基於Hedonic模型的北京市長租公寓租金研究

Abstract

2017年中國政府在十九次全國代表大會中提出住房租購並舉的政策，使得大量資本湧入房屋租賃市場，在這期間，眾多長租公寓品牌如雨後春筍般湧現出來。但是筆者發現，大多數公寓品牌盈利能力較差，因此本研究以長租公寓租金影響因素及公寓運營方式為研究對象，運用特徵價格理論，探討北京市長租公寓租金的影響因素，並通過標桿企業分析，為長租公寓的發展提供一定理論指導。 本文首先明確研究對象為北京集中式長租公寓，並通過總結國內外基於Hedonic模型的住宅市場相關研究，根據長租公寓特質提出四大影響特徵體系：建築特徵，鄰裡特徵，區位特徵，公寓附加特徵。通過SPSS 25.0進行分析，及標桿企業分析，取得以下研究成果： （1） 通過對Hedonic三種函數形式模型分析，得出本研究最優模型為線性模型。 （2） 在四大特徵體系中，影響程度順序如下：建築特徵＞公寓附加特徵＞區位特徵＞鄰裡特徵。 （3） 北京市現有的中低定位長租公寓品牌知名度尚無法影響其租金，除建築特徵，應加強公寓附加特徵之變量。 （4） 基於對輕資產集中式長租公寓品牌Leopalace21的4Cs營銷理論分析，發現中低定位長租公寓應加強戶型設計與部分服務的品質，同時可參考其重服務輕運營的模式降低運營成本以增加收益。 （5） 基於對重資產長租公寓Oakwood的4Cs營銷理論分析，高端定位的長租公寓應在全方面加強服務的同時打造品牌形象以增加收益。

In 2017, in the Nineteenth National Congress of the Communist Party of China, the Chinese government put forward a policy of advocating that rent and sale are equally important , which contributed to lots of funds were invested to the housing rental market. During this period, many brands of long-term rental apartments sprang up like mushrooms, however, most of apartments don’t have good profitability. Thus, this study takes the factors of long-term rental apartments and apartment operation mode, bases on the Hedonic Price Model to explore the influencing factors of long-term rental apartments in Beijing, and through benchmarking enterprise analysis to provide some guidance for apartments rental industry. This paper defines the scope of the long-term rental apartments in Beijing at the first place, and systematically summarized the research of Hedonic Price Model and introduced the basic theory of the model. Base on the apartment’s peculiarity characteristics, author introduces four main characteristics which have impact on long-term rental apartment, are the Architectural Features, the Neighborhood Characteristics, the Location Characteristics and the Service Characteristics. Based on SPSS 25.0 analysis and benchmarking enterprise analysis, got following research results: （1） Through the analysis of three functional models of Hedonic, the optimal model in this empirical study is the linear model. （2） By analyzing the Four Characteristics system, the order of influence degree is as followed: Architectural Features > Service Characteristics > Location Characteristics > Neighborhood Characteristics. （3） The brand awareness of Beijing’s long – term rental apartments whose position is medium – low has no affect on their rent. Apart from Architectural Features, the Service Features is the most positive correlation factor of apartment rent. （4） Based on the 4Cs marketing theory analysis of Leopalace21, long-term rental apartments in middle and low grade should reinforce the design of the room and service. At the same time, refer to Leopalace21’s mode of paying more attention to service than operation to reduce operation cost and the revenue will be increased. （5） Based on the 4Vs marketing theory analysis of Beijing Green city Oakwood , we found that high-end positioning long-term rental apartments should build their own brand images while strengthening service to increase revenue.