Universidad Carlos III de Madrid - UC3M

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Hedonic price models for rental housing in Madrid City vs South suburbs

Author: Celia Moreno. UC3M. TFG 2022

Viernes 24 de febrero de 2023, por Carlos San Juan

One of the characteristics of the housing market is heterogeneity, in order to know which features most affect the rental price, an appropriate research must be developed. Madrid is considered to be a very demanded, polycentric city for being the capital of Spain. This is why an analysis of the main characteristics that fix the rental price I the areas of Madrid City and South Madrid has been carried out using a Hedonic price model. For it, a total amount of 3.069 cross-sectional data from early 2022 has been collected. In the estimations OLS, 2SLS and GMM have been used to correct endogeneity problems. Landlords and tenants can use this approach in order to establish the rental price of their homes based on the variables that most affect them. According to the existing literature, there are no previous investigations covering the very actual period of data collection and areas treated in this analysis. Results of the models show that the same house located in the South is consistently cheaper than in the City. The university core has a greater increase in the price when having one more bathroom or pool in the dwelling compared to the non-university areas.

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