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Residential Rent Policy for Coexistence and Win-Win between Landlord and Tenant - Focusing on Recent Korean Government Measures and U.S. Rent Control -

  • Public Land Law Review
  • Abbr : KPLLR
  • 2012, 57(), pp.19-40
  • Publisher : Korean Public Land Law Association
  • Research Area : Social Science > Law

YUN, SUNG-SEUNG 1

1아주대학교

Accredited

ABSTRACT

In 2011, Korean Government announced residential rent and lease measures three times (on Jan. 13, Feb. 11, Aug.18) to deal with the crisis of the residential housing rental market. Such measures were introduced since the rapid increase of rent and unbalance between supply and demand in rental housing would have brought the rent crisis in the metropolitan cities as well as nation wide. Though the scope and details are not the same among the three measures, the Government tried to increase the supply of the rental housing and to decrease the demand of rental housing. For the purpose, the Government provided incentives of tax and financing to the suppliers and demanders of the rental housing. The supply and demand adjustment measures may be effective for the temporary unbalance in the residental rental housing market, but such measures can not solve the problem caused by the housing ownership structure in the big cities, in which the ownership ratio of the housing is very low while the rental ratio of the housing is very high. Rent control in the United States was introduced against ‘the rent crisis’, to control rapid increase of rent caused by the low ownership ratio of housing in the heavily populated big cities. It is still used in many big cities, in which ownership ratio is very low compared with other cities. The U.S. rental control allows landlord to increase rent within part of the consumer price index and to charge the capital improvements and increased taxes or utilities of real property to the tenants. Some cities even give right to renew the rental contracts to the tenants and prohibit terminating rental contacts by the landlords if the tenants regularly pay the rent in good faith and do not refuse to renew the contracts within the limit of rent increase in rent control. In Korea, since it is difficult to prevent the rapid increase of rent by supply and demand policy alone, it needs to be considered to introduce rent control as well. Rent control is an alternative to achieve the coexistence and win-win between landlord and tenant by allowing reasonable rental income to the landlord while preventing speculative rental profit.

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