Walking Accessibility to the Bus Stop: Does It Affect Residential Rents? The Case of Jinan, China

Qingchun Liu, Peixiong Zhao, Yan Xiao, Xin Zhou and Jun Yang
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Qingchun Liu: School of Economics, Shandong University of Finance and Economics, Jinan 250014, China
Peixiong Zhao: School of Economics, Shandong University of Finance and Economics, Jinan 250014, China
Yan Xiao: School of Environment and Planning, Liaocheng University, Liaocheng 252000, China
Xin Zhou: Jinan Urban Transportation Research Center Co., Ltd., Jinan 250216, China
Jun Yang: School of Humanities and Law, Northeastern University, Shenyang 110169, China

Land, 2022, vol. 11, issue 6, 1-17

Abstract: It is a crucial question to understand the relationship between public transit and residential rents for the proposal of a sustainable transportation system and efficient allocation of lands during the policy marking process. Little has been discovered in the current literature regarding the impact of the bus system on residential rents. This study investigated walking accessibility to the bus stop based on the average daily on-ridership data of bus stops and street networks in Jinan, China, and analysed the impact on the spatial differentiation of residential rents using the spatial autocorrelation analysis and the geographically weighted regression (GWR) method. Our results suggested that residential rent levels in Jinan had evident spatial dependence and spatial differentiation characteristics, which was signified by a significant high rent, and a high accessibility distribution pattern surrounding both city and sub-city centres. GWR results further showed that walking accessibility to the bus stop could significantly improve residential rents. On the spatial scale, a 1% increase in walking accessibility could result in a premium of up to 0.427% and a 2.984% decline in rental prices. Lastly, we found that walking accessibility to the bus stop significantly affected housing rents incrementally with increasing distance between residences and the city centre. Moreover, walking accessibility to the bus stop showed a marginal ‘first increase and then decrease’ effect on residential rents as the distance to the bus stop increased. The premium effect was the most significant among residences within 500–900 m of a bus stop.

Keywords: walking accessibility to the bus stop; hedonic price model; residential rent; geographically weighted regression (search for similar items in EconPapers)
JEL-codes: Q15 Q2 Q24 Q28 Q5 R14 R52 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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