임차인 입장에서의 전월세전환율 분석

초록

Two different rental contracts have coexisted in Korean rental housing market, Chonsei and Monthly Rent with Variable Deposit(MRVD). Chonsei and MRVD are connected by Conversion rate of Chonsei to Monthly Rent. Several previous studies on this issue have been focused on owners’ point of view. However, there have been no studies on renters’ point of view in spite that the market conversion rate is determined in the dealing process between owners and renters. Therefore, it is a crucial task to understand how renter’s opportunity cost of a unit amount of Chonsei(or conversion rate) is determined. This study analyzes the conversion rate based on the survey of renters’ willingness to pay for the two different rental contract types. The survey adopts Price Sensitivity Method (PSM) to avoid the strategic bias of surveyee’s response. The results reveal that renters’ Conversion rate of Chonsei to Monthly Rent is similar to the market conversion rate rather than the market interest rate. One of the main reasons for the similarity is that renters are maintaining Chonsei for future home purchase. And the results show that renters characteristics are not an important factor in determination of Conversion rate of Chonsei to Monthly Rent.

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