아파트임대시장의 전월세전환율 결정구조

초록

The conversion rate between monthly rent and chonsei serves as an important parameter revealing the characteristics of Monthly Rent with Variable Deposit (MRVD). In order to understand MRVD in the Korean housing market, a leverage-effect-seeking hypothesis was introduced contrary to the conventional belief of the interest-seeking hypothesis. This study tests the two opposite hypotheses in an empirical way. For the empirical analysis, a panel data encompassing 22 quaters of time-series and 2 cross-sections including Gangnam and Nowon districts in Seoul. The estimation results show that market interest rate is not a main determinant of the conversion rate. Rather, the expected appreciation rate of housing price is an important factor determining the conversion rate along with capitalization rate, which confirms the leverage- effect-seeking hypothesis.

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