A Study on the Impact of the Supply of Public Rental Housing on Jeon-se Price of Apartments in Surrounding Areas: The Case of Capital Region Cities

박상우; Park Hwan-Yong

doi:10.15793/kspr.2014.83..005

In this study, we have investigated the impact of the supply of the new_unit_construction rental housing(National Rental Housing), the exisiting_unit_purchasing rental housing (Multi-family Rental Housing), and the exisiting_unit_Jeon-se(sublet) rental housing on Jeon-se price of apartments in surrounding areas. For such purpose, we gathered rental price trend, number of houses constructed as the new_unit_construction rental housing, number of houses supplied as the exisiting_unit_purchasing and sublet rental housing, and total number of residential buildings completed in 61 capital region cities(including counties and boroughs) between 2009 and 2013 as panel data. Fixed effect model of panel model was used for analysis. Analyzing the relationship between the amount of rental housing supplied and the region’s Jeon-se price change led to the finding that new supplies under the new_unit_construction rental housing was found effective in lowering Jeon-se price, but the exisiting_unit_purchasing rental housing supplies had no such influence. Furthermore, the existing_unit_sublet rental housing supplies increased surrounding area’s Jeon-se price. In conclusion, we propose that the government should put more weight on rental housing programs that involve new constructions such as the new_unit_construction rental housing considering the indirect effects of lowering Jeon-se price as well as the direct benefit of first-hand beneficiaries.

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