Analyzing the critical factors influencing residents’ willingness to pay for old residential neighborhoods renewal: insights from Nanjing, China

Old residential neighborhood renewal (ORNR) is an important part of the work to protect people’s livelihood and promote sustainable urban development. However, residents’ willingness to pay may affect the smooth implementation of ORNR. Hence, this study aims to investigate the factors and their complex interactions influencing residents’ willingness to pay for ORNR. Guided by the theory of planned behavior and previous studies, a conceptual framework to test the influencing factors of residents’ willingness to pay was developed and 21 hypotheses were proposed. Nanjing, the capital of Jiangsu Province, is selected as the study area. Using a random sampling approach, the empirical analysis was conducted based on structural equation model and multiple mediating effect model, with questionnaires distributed to and completed by 400 respondents. Results show that length of residence, residents’ education level, and household income affect willingness to pay. “Personal moral norm” is the most important factor that affects willingness to pay. “Subject norm,” “attitude,” and “perceived behavior control” exert mediating roles. Furthermore, three strategies were proposed to increase residents’ willingness to pay. This study is expected to help researchers understand the complex mechanism of willingness to pay and to help practitioners propose effective strategies for promoting ORNR.