The Heterogenous Demand for Urban Parks between Home Buyers and Renters: Evidence from Beijing

Abstract

Many studies have confirmed that there is demand among urban residents and renters for urban parks. Moreover, as renters and home buyers have very different levels of ownership over their housing resources, their demands for amenities can be heterogenous. To discover and identify such heterogeneous demands is worthy of attention. Using the micro-housing resale transactions and listing data for housing leases in Beijing during 2019, this paper explores the difference between the demand for urban parks among home buyers and renters outside the community from the perspective of the internal quality of the community by using the hedonic price model (HPM). Specifically, from the dimension of the property management service fee and greening rate, we find that for home buyers, compared to residents living in relatively poor-quality communities, a better-quality community will reduce the demand for urban parks outside the community. Conversely, for renters, the higher the quality of the community is, the higher the demand for urban parks outside the community will be.