Table 2. Estimation results by three...

Table 2.

Estimation results by three types of vacancy rates

	(I) Total vacancy rate		(II) Vacancy rate of 6 months+		(II) Vacancy rate of 11 months+
	Coef.	Std. Err.	Coef.	Std. Err.	Coef.	Std. Err.
Ln(floor area)	0.761	0.020***	0.765	0.020***	0.764	0.020***
Ln(building age)	−0.097	0.008***	−0.094	0.008***	−0.093	0.008***
Ln(number of stories)	0.040	0.006***	0.040	0.006***	0.040	0.006***
Ln(total number of apartment units)	0.053	0.006***	0.049	0.005***	0.049	0.005***
Floor plan_1R	(reference term)		(reference term)		(reference term)
Floor plan_1K	−0.006	0.007	−0.005	0.007	−0.006	0.007
Floor plan_1DK, 1LDK	−0.031	0.014*	−0.032	0.014*	−0.032	0.014*
Floor plan_2K	−0.106	0.020***	−0.107	0.020***	−0.107	0.020***
Floor plan_2DK, 2LDK, 3 K	−0.034	0.020†	−0.036	0.020†	−0.036	0.020†
Floor plan_3DK, 3LDK	0.012	0.025	0.011	0.025	0.011	0.025
Floor plan_4DK and more	0.051	0.043	0.047	0.043	0.047	0.043
Ln(distance to the nearest station)	−0.041	0.005***	−0.041	0.005***	−0.041	0.005***
Ln(distance to the Tokyo CBD)	−0.146	0.009***	−0.147	0.009***	−0.147	0.009***
Total vacancy rate	−0.067	0.033*	–		–
Vacancy rate of 6 months+	–		−0.110	0.056*	–
Vacancy rate of 11 months+	–		–		−0.214	0.074**
Intercept	10.518	0.106***	10.508	0.104***	10.510	0.104***
Obs.	3,627		3,627		3,627
F(12, 2438)	907.92***		878.59***		880.58***
R-squared	0.875		0.875		0.875
Root MSE	0.141		0.141		0.141

	(I) Total vacancy rate		(II) Vacancy rate of 6 months+		(II) Vacancy rate of 11 months+
	Coef.	Std. Err.	Coef.	Std. Err.	Coef.	Std. Err.
Ln(floor area)	0.761	0.020***	0.765	0.020***	0.764	0.020***
Ln(building age)	−0.097	0.008***	−0.094	0.008***	−0.093	0.008***
Ln(number of stories)	0.040	0.006***	0.040	0.006***	0.040	0.006***
Ln(total number of apartment units)	0.053	0.006***	0.049	0.005***	0.049	0.005***
Floor plan_1R	(reference term)		(reference term)		(reference term)
Floor plan_1K	−0.006	0.007	−0.005	0.007	−0.006	0.007
Floor plan_1DK, 1LDK	−0.031	0.014*	−0.032	0.014*	−0.032	0.014*
Floor plan_2K	−0.106	0.020***	−0.107	0.020***	−0.107	0.020***
Floor plan_2DK, 2LDK, 3 K	−0.034	0.020†	−0.036	0.020†	−0.036	0.020†
Floor plan_3DK, 3LDK	0.012	0.025	0.011	0.025	0.011	0.025
Floor plan_4DK and more	0.051	0.043	0.047	0.043	0.047	0.043
Ln(distance to the nearest station)	−0.041	0.005***	−0.041	0.005***	−0.041	0.005***
Ln(distance to the Tokyo CBD)	−0.146	0.009***	−0.147	0.009***	−0.147	0.009***
Total vacancy rate	−0.067	0.033*	–		–
Vacancy rate of 6 months+	–		−0.110	0.056*	–
Vacancy rate of 11 months+	–		–		−0.214	0.074**
Intercept	10.518	0.106***	10.508	0.104***	10.510	0.104***
Obs.	3,627		3,627		3,627
F(12, 2438)	907.92***		878.59***		880.58***
R-squared	0.875		0.875		0.875
Root MSE	0.141		0.141		0.141

Notes: Statistical significance levels: ***0.1%; **1%; *5%; †10%. The response variable is ln(monthly rent). Standard errors are clustered by building unit

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