What is it about?

In the Japanese real estate market, the older the building, the lower the price tends to be. In Osaka City, 20% of old houses over 50 years old have been lost every five years. On the other hand, traditional Japanese vacation rentals are popular. We surveyed 1,311 detached houses vacation rentals to understand the relationship between lodging charges and the house characteristics, especially the age.

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Why is it important?

In contrast to the Japanese real estate market practice where older wooden houses are assessed as worthless, we confirmed that utilizing the traditional design of old Minka houses for vacation rentals can increase their value.

Perspectives

Once an old building is lost, it is never rebuilt. The cultural value of old wooden houses is seldom fairly appreciated in the real estate market. If the conversion of old wooden houses to Airbnb is known to be feasible, the motivation for preservation and utilization may spontaneously increase.

Daisuke Matsushita
Osaka Shiritsu Daigaku

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This page is a summary of: Correlation between building attributes and room rates for private home rentals converted from quaint old houses in Osaka City through a hedonic approach, Japan Architectural Review, March 2021, Wiley,
DOI: 10.1002/2475-8876.12218.
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