Journal of East China Normal University (Philosoph ›› 2018, Vol. 50 ›› Issue (1): 136-148.doi: 10.16382/j.cnki.1000-5579.2018.01.012

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Housing Tenure Structure and Housing Price: From the Perspective of Tenant Share of Urban Families

CHEN Zhuo, CHEN Jie   

  • Online:2018-01-15 Published:2018-01-26

Abstract:

This paper examines the effect of the housing tenure structure of urban families on city-level housing price from the perspective of supply side.Combining the Urban Household Survey(UHS)data and city-level level statistics data,this paper constructs a panel data of 152 Chinese prefecture-level cities.The empirical research shows that higher tenant share of urban families has a significant negative effect on housing prices.If the local tenant share of urban families increases by 1%,urban housing prices will decrease by 0.2-0.3%.Further regional-level heterogeneity analysis shows that this effect is mainly manifest in eastern cities,but not in mid-western cities.In addition,in the cities where housing prices are higher,the tenant share of urban families has greater depressing effect on housing prices.The conclusion of this paper shows that speeding up the development of rental housing market can both increase housing options to urban residents and help to curb excessive speculation bubble.

Key words: rental housing, tenant share, rent-sale equilibrium, housing price, heterogeneity