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The purpose of this research is to identify the factors affecting the differences in apartment rent-price ratio in Seoul metropolitan area. Based on the apartment rent-price ratio data collected for the 5 different time periods between 1989 and 2006 and 5 sub-markets in Seoul, the study conducted regression analyses to identify the magnitudes and strengths of 10 determinants of the differences in apartment rent-price ratio. The results of the research indicate that the apartment rent-price ratio tended to be lower in the areas with high sales prices, and it was higher in the areas with lower sales prices. The differences in the apartment rent-price ratio were larger among periods than regional differences. The research also found that the major factors affecting the rent-price ratio were quality of educational environment, number of companies, total number of residence, width of park area, size of apartment space, and number of bathrooms. These findings indicate that the apartment rent-price ratio can be an indicator for diagnosing the real estate market conditions and be used for designing housing policy measures.