Differential Analysis of Spatial Gradient between Housing Price and Rent in Beijing Housing Market

摘要

We maintain that spatial gradient of housing price and that of housing rents are same in a perfect market But empirical studies show tiny differences between these two. We focus on these differences and find out that institutional factors deteriorate house market efficiency and lead to loss of social welfare. Empirical studies of Beijing confirmed this view. Based on this conclusion we can calculate the portion of institutional price rising in house price.