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@article{ART001588419},
author={임재만},
title={A New Interpretation of the Lease Structure of Seoul Apartment Market},
journal={The Korea Spatial Planning Review},
issn={1229-8638},
year={2011},
volume={70},
pages={23-39},
doi={10.15793/kspr.2011.70..002}

TY - JOUR
AU - 임재만
TI - A New Interpretation of the Lease Structure of Seoul Apartment Market
JO - The Korea Spatial Planning Review
PY - 2011
VL - 70
IS - null
PB - 국토연구원
SP - 23
EP - 39
SN - 1229-8638
AB - This paper has analyzed the causes of Cheonse price hike issue in term of home owners' yield maximization. The results are as the followings. First, I exhibit a critique to the previous studies that monthly rent rate and expected price growth rate are the same. There are thresholds that vary by the home owners' preference of the lease contracts type. It is true only if the expected price growth rate is equal to the sum of monthly rents and loan interests. Second, rental income and sales prices, Cheonse prices, monthly rent rates were analyzed as a function of the empirical relationship. Because of tenants' budget constraints, the more expensive sales price, the percentage of the Cheonse price on the sales price is falls. Finally, based on historical data, I determine the probability distribution of sales prices, Cheonse prices, deposits, rent rates, expected price growth. And assuming a given interest rate factors, how potential homeowners, who seek to maximize expected investment yield, would prefer Cheonse contract estimated through Monte Carlo simulations. The percentage of Cheonse contracts appeared to be shrinking depending on the expected price growth rate decrease. Finally, empirical relationship between MR and security deposit is negative and statistically significant.
KW - Monthly Rent Rate;Lease Contract Type;Tenant Risk
DO - 10.15793/kspr.2011.70..002
ER -

임재만. (2011). A New Interpretation of the Lease Structure of Seoul Apartment Market. The Korea Spatial Planning Review, 70, 23-39.

임재만. 2011, "A New Interpretation of the Lease Structure of Seoul Apartment Market", The Korea Spatial Planning Review, vol.70, pp.23-39. Available from: doi:10.15793/kspr.2011.70..002

임재만 "A New Interpretation of the Lease Structure of Seoul Apartment Market" The Korea Spatial Planning Review 70 pp.23-39 (2011) : 23.

임재만. A New Interpretation of the Lease Structure of Seoul Apartment Market. 2011; 70 23-39. Available from: doi:10.15793/kspr.2011.70..002

임재만. "A New Interpretation of the Lease Structure of Seoul Apartment Market" The Korea Spatial Planning Review 70(2011) : 23-39.doi: 10.15793/kspr.2011.70..002

임재만. A New Interpretation of the Lease Structure of Seoul Apartment Market. The Korea Spatial Planning Review, 70, 23-39. doi: 10.15793/kspr.2011.70..002

임재만. A New Interpretation of the Lease Structure of Seoul Apartment Market. The Korea Spatial Planning Review. 2011; 70 23-39. doi: 10.15793/kspr.2011.70..002

임재만. A New Interpretation of the Lease Structure of Seoul Apartment Market. 2011; 70 23-39. Available from: doi:10.15793/kspr.2011.70..002

임재만. "A New Interpretation of the Lease Structure of Seoul Apartment Market" The Korea Spatial Planning Review 70(2011) : 23-39.doi: 10.15793/kspr.2011.70..002