Faktory ovlivňující výnosovou míru rezidenčních nemovitostí: Systematická rešerše literatury

The aim of this master’s thesis is to answer the question of what the main factors are that influence the rental yield of residential real estate, and what their effects are. Using a standardized methodology of systematic literature review, it analyses 51 academic texts found through the Web of Science, Scopus databases, and the Google Scholar search engine. In addition, a search is conducted using the artificial intelligence tool AI Undermind, which in this work represents a methodologically novel and up-to-date approach to systematic reviews. The thesis finds a consensus in identifying macroeconomic factors as important drivers of the rental yield over time and across space. The most frequently studied and significant determinant is shown to be the interest rate, which, according to most studies, has a positive relationship with the rent-to-price ratio. Microeconomic determinants, such as location or property characteristics, are also important. In general, the rent-to-price ratio tends to decrease in more attractive locations and for larger properties. The thesis also identifies institutional and behavioural factors, which are systematically analysed.