임대인의 포트폴리오전략관점에서 본 임대주택시장의 전월세전환율

The Conversion rate for Jeonsei-to-Monthly Rent of the Rental Housing Market in terms of Housing owner's Portfolio return

It is an unique feature of the Korean rental housing market that the lease system is largely dualized by 'Jeonsei'(up-front lump-sum rent deposit) and monthly rent contracts. The Conversion rate for Jeonsei-to-monthly rent(monthly rent rate) play a role to compare a different level of rent among the various contract types. The meaning of the Conversion rate which is a financial opportunity cost of the Jeonsei deposit or security deposit can be understood as the required rate of return of equity invested in housing or the market interest rate or portfolio return of both. This study adopts that the conversion rate can be a portfolio return and induce related variables such as market interest rate and expected capital appreciation. The results show that the conversion rate will be high in sub-market where expected capital appreciation is high, the market interest rate is high in terms of portfolio return model. Futhermore, the conversion rate can be affected by negotiations process between houseowner and tenants.