Effect of Walkability on Rental Prices in Tokyo

Abstract

In order to measure the role of walkability in determining the perceived quality of an area, and also to determine which kinds of amenities contribute the most to enhancing walkability, we perform a hedonistic regression of rental prices on 23 categories of establishments within various walking ranges from each station in central Tokyo. Using an integrated walking network, we collect the reachable nodes within various isochrones (<5min, <10min, <15min, 5-10min, 10-15min) from each station, and then by buffering the traversed edges we identify reachable stores for each one. We also collect selected similar rental properties within 15 minutes of each station to estimate variations in value for each area. Our regression model aims to uncover how much of the price variations can be explained by walkability, and also which kinds of establishment contribute the most to walkability’s benefit. We find that the number of convenience stores is a reliable indicator of neighborhood quality, but relationships of other establishments to walkability depend on distance from the station and often have counter-intuitive effects.