주거용 부동산 자본환원율과자산시장의 균형관계에 관한 분석

This study is based on changes in the residential real estate market, where increasing number of Jeonse are changing into normal monthly rents. Unlike other countries where enterprise-class home rental businesses dominate, Korean housing rental markets usually rent houses owned by individuals for operational profit. The continued low interest rate and the accelerated change in rental system may have resulted in the conversion of residential real estate to monthly rent and has increased importance of return on capital. Analysis has analyzed the balance between the capitalization rate of monthly rent and the asset market. The time series analysis has looked at the balance between the capitalization rate of residential real estate and the yield rate of other financial assets: the three-year bond rate, the three-year treasury bond rate and the interest rate for mortgage loans. The analysis has showed that it was in balance with the three-year interest rate for corporate bonds, the three-year interest rate for treasury bonds, and the interest rate for mortgage loans. Although previous research on capitalization rate was limited to commercial real estate, this study also analyzes of the return rate of residential real estate.