A Comparative Hedonic Analysis of Condominium Asking Rents in Bangkok, Phuket, and Pattaya
DOI:
https://doi.org/10.56261/built.v24.266592Keywords:
hedonic price model, condominium rental market, asking rents, online listings, Bangkok, Phuket, PattayaAbstract
This study estimates condominium rental price differentials from online listings across Thailand’s three major tourist cities, using Bangkok as the benchmark for Phuket and Pattaya while controlling for observable unit characteristics. Intercity differentials are measured with a hedonic regression in which the dependent variable is the natural logarithm of monthly rent (in Thai baht). Model 1 controls for the number of bedrooms, while Model 2 adds unit size through log(size_sqm), allowing the effect of unit composition on estimated city effects to be assessed. Confidence intervals at 95% are based on heteroskedasticity-robust (HC1) standard errors. The main finding is the magnitude and persistence of city-level effects relative to Bangkok. In Model 1, Pattaya has a monthly rent 11.5% lower (95% CI -13.3% to -9.6%) and Phuket 23.8% higher (95% CI 21.4% to 26.3%). When apartment size is included in Model 2, the monthly rent in Pattaya is 16.8% lower (95% CI -18.3% to -15.2%) and in Phuket 14.3% higher (95% CI 12.5% to 16.2%), and the model fit improves as the adjusted R-squared rises from 0.491 to 0.663. These results indicate that factors beyond apartment size drive rental differences across cities, since the gaps remain statistically significant after adjusting for size. The study offers robust, transparent estimates of rental levels in Thailand’s major tourist cities that can support comparison and benchmarking.
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