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An Empirical Study of the Jeonse-Rent Ratio Determination
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전세의 월세전환과정에서 전월세전환율 결정요인 분석

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Type
Academic journal
Author
Journal
The Seoul Institute Seoul Studies Vol 17 No.3
Published
2016.9
Pages
91 - 104 (14page)

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An Empirical Study of the Jeonse-Rent Ratio Determination
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Abstract· Keywords

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As the trend of low growth and low interest rate persists, from property owners, the benefit of Jeonse has been reduced in the housing market of Seoul. Consequently, the supply of Jeonse has decreased and the shifting trend from Jeonse to monthly-rent has accelerated. In this situation, this study aims to identify how Jeonse-Rent ratio(conversion rate) is determined. Because Jeonse, which reflect an use-value of housing, has comprised the majority of housing rental market until recently, it is important to identify which is the determinant of monthy-rent, Jeonse or housing price. Through theoretical research this paper found that if rent is controled by housing price, Jeonse-Rent ratio can be expressed by Price-Jeonse ratio and capitalization rate. To prove this empirically, this research use 120,000 apartments trading data of Seoul from 2011 to 2015. As a result, this research get a statistically reliable outcome. This mean that tenants who pay monthly-rent is coping with more housing expenses than Jeonse tenants. In addition, monthly-rent tenants take over the part of risk-premium which should be taken by housing owners. This research point out the monthly-rent with variable deposit as one of cause of this problem.

Contents

요약
ABSTRACT
Ⅰ. 서론
Ⅱ. 이론적 검토
Ⅲ. 실증분석
Ⅳ. 결론
참고문헌

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UCI(KEPA) : I410-ECN-0101-2017-359-001663526