임대주택 리츠 개선방안 연구

A Study on Measures to Improve of Rental Housing REITs -Focusing on Feasibility and Structure-

With the number of 1~2-person households increasing, demands for small-sized rental housing are on the rise. However, supply of such small-sized rental housing is far from meeting the increasing demands, leading to a surge in both deposit-based and monthly rental rates, which hinders the residential stability of the low-income households. The failure to increase the supply of small-sized rental housing results from the low feasibility of rental housing. As measures to enhance the feasibility of rental housing, it is necessary to adopt incentives such as lowering the interest rates of the national housing fund, increasing the upper limits of the national housing fund and improving the floor area ratios. However, on account of current administrative rules relevant to calculating the standard rental deposits and rents, the feasibility is not improved except the effects of reducing the rental deposits and rents. Accordingly, to improve the feasibility of rental housing REITs, the administrative rules need revising. Also, rental housing management companies are needed as in Japan because it is hard to supply rental housing via REITs unless the risks of managing and operating rental housing are distributed although the feasibility of rental housing REITs is obtained based on the government's supporting policy. As rental housing management companies specialize in management and operation of rental housing, they can reduce the risks associated with rental housing (long-term lease, vacancy, rent arrears etc.)