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CONTENTS (1) RESEARCH OBJECTIVES This study is a research on the differences in apartment rental rates in Busan, Ulsan, and Gyeongnam by government, and aims to examine the differences in the effects of real estate variables and macroeconomic variables on apartment rental rates by government. (2) RESEARCH METHOD This study employed fixed effect model to achieve the major objectives of this study. (3) RESEARCH FINDINGS This study examines three issues: 1. Real estate characteristics were analyzed based on three independent variables: apartment sales price change rate, apartment rental price change rate, and apartment unsold. In the case of apartment sales price change rate, both the Moon Jae-in and Yoon Seok-yeol administrations had a negative effect, meaning that an increase in apartment sales price change rate decreased the apartment subletting rate. In the case of apartment charter price change rate, the effect was positive, meaning that an increase in apartment charter price change rate increased the apartment subletting rate. Since the change in apartment rental rate is caused by the change in apartment sales price and apartment rental price, it should be interpreted differently from previous studies. Second, this study is possible because it combines time series data and cross-sectional data to build a panel data that has the characteristics of both data, so we tried to create a variable of apartment subletting rate and identify the relationship between real estate variables and macroeconomic variables. Third, it is meaningful to identify the difference in apartment rental rates between the Moon Jae-in and Yoon Seok-yeol administrations in light of recent research on reverse subletting and charter fraud.
Carol Chi-Hyun Kim (Tue,) studied this question.