Hedonic Analysis for the Estimation of Condominium Rent Utilizing Web Information

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.