일본 임대주택 기업의 비즈니스 모델 분석

우리나라 주택산업의 비즈니스 모델은 성장기에 기초한 분양사업 중심으로 발전해 왔으나, 인구 감소와 재고 확대 등 환경 변화로 주택산업의 체질 개선과 비즈니스 모델 변화 요구가 확대되고 있음. ․우리나라 주택시장은 2014년부터 2017년까지 가격 상승, 거래 증가, 공급 증가 등 전반적인 호조세를 보였지만, 2018년 이후 다시 침체기로 접어들 가능성이 높음. ․향후 신축 공급 시장의 규모 축소는 불가피함. 그러나, 우리나라 주택 산업과 기업은 주택 분양사업을 중심으로 발전해 왔고, 비즈니스 모델도 이에 맞추어져 있음. ․과거 비즈니스 모델 변화 요구가 있었으나, 짧은 침체 이후 호조기 도래로 산업 구조의 변화 요구는 잊히고 분양 중심의 시장으로 재편됨. 장기 저성장을 겪은 일본의 주택산업과 기업의 변화를 확인하여 어려운 환경 하에서 생존과 성장을 확보한 비즈니스 모델을 확인코자 함.

This study examines the changes in the Japanese housing industry and companies that have undergone long-term low growth, and seeks to gain implications through business models that have secured their survival and growth. The Japanese society has been stuck with long-term low-growth conditions such as population decline, aging, chronic deflation, and income decline. Commercial land prices fell by 78.1% and residential land prices by 52.8% compared to the peak in 2015. Private housing rents have been declining since 1999. Supply of new housing is about half of the peak, and housing inventory is over 60 million. The bubble generator, the collapse period, and the policy after the collapse changed in a big frame, and the policy changed after the market change. The lease-related system introduced in 2000 tried to protect the long-term leasehold right and to strengthen the rights of the landlord. In addition, private landowners and homeowners were actively attracted to rental housing through inheritance tax, property tax, and income tax benefit for leasing companies. As a result, the civilian housing industry has grown rapidly. The proportion of rental housing in the new supply market is around 40%, which is constant every year. In addition, the intensifying competition and the increase in vacancy rate due to the increase in rental housing inventory in the case of rent decline increased the difficulty of leasing operation management. So a market environment favorable for entrusting the operation of rental housing to professionals even at a certain level of cost has also been established. On the other hand, the achievement of the prefab houses has formed the physical basis of the Japanese private rental housing industry. Four different implications are derived from the comparison between two house makers of Daito Kentaku and Daiwa House, and one comprehensive real estate company of Mitsui Fudosan. First, housemakers are growing revenue and profit, while comprehensive real estate companies generate profits through assets. They are different models that can not share their superiority. Second, while it was possible to grow around the lease housing business during that period, it could be stalled if not further innovation. Third, focusing on the specific products during the low-growth period is the main means to secure short-term market share. However, additional concerns about the value chain and product expansion strategies should continue. Fourth, core competencies for non-residential businesses are development and asset management, and the ability to raise funds for long-term retention is a major factor. On the other hand, residential property sales (EPC) and sales to individual landowners are our core competencies.