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How Does the Replacement of Old Housing Affect the Rent Level of Small-sized Private Rental Housing?: Analysis of the Case in Seodaemun-gu, Seoul

Jeonghoon Hong 1,  Kim, Soo-Hyun 1

1세종대학교

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ABSTRACT

To control rent increases and reduce the burden of housing costs for tenants, it is necessary to expand the supply of rental housing. Meanwhile, the private sector has dominated the supply of rental housing and many have advocated initiatives based on the housing filtering theory. However, there has been debate overseas that the private sector’s housing provision itself could not improve the affordability of vulnerable groups. This paper examines rent changes in existing housing in Seodaemun-gu, Seoul, where many old houses have been replaced with small rental housing units since 2020, using transaction data from the MOLIT, linking with building registry and public rental housing data. First, linear regression analysis indicates that the higher the proportion of new small houses in a neighborhood, the higher the rent inflation. Second, binary logistic regression analysis shows that the higher the proportion of public rental housing, the more likely it is to maintain affordability for low-income young households. These findings highlight the importance of neighborhood effects to facilitate the filtering process, rather than merely increasing the supply of private rental housing.

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