earticle

영어

The purpose of this study is to clarify the generalized structure of the relationship between the conversion rate of jeonse to monthly rent, the jeonse to price rate and the capitalization rate in the housing rent and jeonse market and how they interact in the structure. The structure of these relations was expressed mathematically through provisions on the recognition of rental income with the lease balance theory as a premise. The product of the jeonse to price rate and conversion rate of jeonse to monthly rent is the cap rate, the jeonse to price rate is an indicator reflecting the rental riskp remium, and conversion rate of jeonse to monthly rent is the expected rate of return as the sum of the market interest rate and the rental risk premium. And the cap rate is always determined by the market interest rate. Through these relationships, regardless of the rental system, rental income is returned to the capital to derive an appropriate value. The Jeonse and rent with deposit market is explained in the same structure as the pure monthly rent market, and furthermore, since it is linked to a reasonable price (value), it can be uniformly described as a housing market. Therefore, the jeonse system can be said to be a modified rental method that works in a generalized value-determining structure, not in a unique market unique to Korea, and can be uniformly explained with the market for sale and rental.