전월세전환율의 지역별 편차와 공실률

초록

This study analyzes Monthly Rent with Variable Deposit data in the apartment market to examine a relationship among vacancy rate, market interest rate, expected return on investment, and Chonsei to Monthly Rent Conversion Rate. We develop a theoretical model of Chonsei to Monthly Rent Conversion Rate determination structure, according to the previous leverage-effect-seeking hypothesis. The theoretical model yields that Chonsei to Monthly Rent Conversion Rate is rising when expected return on investment, market interest rate, and vacancy rate increase respectively. For empirical analysis of the theoretical interpretations, panel analysis was carried out on apartment complexes market in 16 regions excepted for Sejong. The results as following. Firtst, the vacancy rate is the most effective factor on Chonsei to Monthly Rent Conversion Rate among others. Second, the difference of determination structure according to the regions is also an important effect factor. These results show that Chonsei to Monthly Rent Conversion Rate regulation based only on the market interest rate would distort the market balance and be less effective.

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