Modeling Landlord’s Optimal Choice of Rental Contract Type in the Korean Rental Housing Market

Chang-Moo Lee

doi:10.15793/kspr.2012.75..001

This paper develops a theoretical model for optimal choice of landlords on rental contract type. The developed theoretical model shows that landlords with strong risk aversion may prefer a lower deposit with a higher monthly rent whereas those with weak risk aversion prefer a higher deposit with a lower monthly rent. Also, sales market condition affects their choice on rental contract type. When expecting a higher price appreciation, landlords prefer Chonsei. Also, in the case of a higher price volatility, they prefer a lower deposit with a higher monthly rent. The empirical estimation results strongly support the theoretical arguments. Specifically, young landlords or the renters owning other rental houses prefer Chonsei, while old landloards or the homeowners renting some parts of their house prefer a higher monthly rent with a lower deposit. Interestingly, in the time period of high price appreciation and low price volatility, landlords choose Chonsei or a lower monthly rent with a higher deposit.

Citation status

KCI Citation Counts (22)
열림/닫힘 버튼
REFERENCES (16)
열림/닫힘 버튼
* 2021년 이후 발행 논문의 참고문헌은 현재 구축 중입니다.

[journal] 손재영 / 2000 / 서울 아파트시장에서의 전세-매매가격 비율과 시장의 효율성 / 사회과학연구논집 (24) : 139~163

[book] 윤주현 / 1998 / 주택시장구조변화와 신주택정책방향 / 국토연구원

[journal] 이창무 / 2012 / A Partial Equilibrium Model of Korean Rental Housing Market Incorporating Leverage Risk / 주택연구 / 한국주택학회 20(2) : 5~31 / http://dx.doi.org/

[book] 이창무 / 2012 / 포트폴리오 이론에 기초한 임대인의 임대계약형태 선택모형, In 글로벌 금융위기 이후 주택정책의 새로운 패러다임 모색(하) / 한국개발연구원 : 246~301

[journal] 이창무 / 2003 / A Price Index of Monthly Rent with Variable Deposit / 국토계획 / 대한국토·도시계획학회 38(6) : 47~60

[journal] 이창무 / 2003 / An Empirical Analysis on Monthly Rent with Variable Deposit / 국토계획 / 대한국토·도시계획학회 38(1) : 109~124

[book] 이재우 / 2008 / 한국 부동산임대시장의 새로운 해석 / 부동산114

[journal] 이창무 / 2002 / An Analysis of Structure of the Monthly rent with Security Deposit Market / 국토계획 / 대한국토·도시계획학회 37(6) : 87~97

[journal] 이창무 / 2010 / Conversion Rate of Chonsei to Monthly Rent on Renter’s Point of View / 주택연구 / 한국주택학회 18(2) : 163~182

[journal] 이현석 / 2001 / 공간시장과 자본시장의 관계 및 예상자본수익률 / 국토계획 36(2) : 163~175

[journal] 임재만 / 2011 / A New Interpretation of the Lease Structure of Seoul Apartment Market / 국토연구 / 국토연구원 70 : 23~39

[journal] 최창규 / 2007 / Modeling Chonsei and Monthly Rent Structure with Mortgage Lending and Tenant's Asset Constraint / 국토계획 / 대한국토·도시계획학회 42(3) : 215~226

[journal] 최창규 / 2008 / Landlord's Choice Between Chonsei and Monthly Rent under Mortgage Financing / 국토계획 / 대한국토·도시계획학회 43(6) : 53~67

[book] Bodie, Zvi. / 2008 / Investments / McGraw Hill

[journal] Kim, Kyung-Hwan / 1990 / An Analysis of Inefficiency Due to Inaquate Mortgage Finangcing: The Case of Seoul, Korea / Journal of Urban Economics 28(3) : 371~390

[web] / 한국노동패널(1999~2009) / 한국노동연구원 / http//:www.kli.re.kr/klips/ko/main/main.jsp

KJC Korea
Journal Central

Statistics

Tools

Sharing

Issue List

Citation status