아파트 전·월세 구성 비율 결정요인 분석

Abstract

Recently, the rental housing market in Korea has experienced substantial changes in preferred rental contracts between Chonsei and monthly-rent-with-variable-deposit. Until a few years ago, Chonsei has been a dominant rental contract. However, for the recent years, monthly-rent-with-variable-deposit structure has taken a substantial portion of rental contracts. In this paper, based on an investor's viewpoint, we attempt to analyze the determinants of the relative ratio between Chonsei rental contract and monthly-rent-with-variable-deposit rental contract. It is theoretically suggested that the rate of return on equity investment is critical to a landlord's preferred rental contract and that not only Chonsei-to-monthly-rent conversion rate but also the expected house price appreciation rate, the ratio of sale price to Chonsei deposit, and the ratio of sale price to the deposit accompanied by monthly rent are the important determinants of the rates of return on equity investment. Our empirical results show that the expected house price appreciation rate, Chonsei-to-monthly-rent conversion rate, and ratio of sale price to Chonsei deposit are statistically significant explanatory variables. While Chonsei-to-monthly-rent conversion rate negatively affects the relative ratio of Chonsei to monthly-rent-with-variable-deposit contracts, the expected house price appreciation rate and the ratio of sale price to Chonsei deposit positively influence the relative ratio between Chonsei to monthly-rent -with-variable-deposit contracts. It turns out that these results are very robust regardless of the regions under consideration.