공공리츠 활성화에 영향을 미치는 선택속성에 관한 연구

공공·민간 임대주택 리츠의 활성화에 영향을 주는 선택속성을 분석했다.

The introduction of REITs for rental apartment taking a public character including public rental REITs has begun to be revitalized in Korea. The rental housing supply model of new mode has been presented that makes use of both public rental REITs and private rental REITs as the private-sector rental housing supply mechanism no longer worked due to the slow rate of economic growth, the long-term recession of housing market, the accumulated debts of Korea Land & Housing Corporation and the like.

That is, the new method of rental housing supply has been introduced through private-public cooperation in order to achieve the residential stability of homeless commoners without any increase in debts of LH. This study presupposed that for public REITs to be successful, location, residential satisfaction and sociocultural characteristics would be important for housing choice in the private sector. It put value on the justifiability that public REITs could succeed when investors are attracted on this premise in order to invite the subscriptions of funds for investment.

And it attempted to evaluate the effect of this characteristic factor and publicness on future preference and the intention to invest through the questionnaire research. To compose six factors such as the location factor, the facility factor, the publicness brand, the cultural element, education and social welfare and the economic element and to measure their effects on preference for public REITs and the intention to invest, this study divided the structural equation model into the overall group, the long-term investment group and the short-term investment group for the analytical purpose.

As a result, the following findings were obtained: It was found that educational and social welfare conditions and economic conditions had a considerably significant positive effect on preference for public REITs. This indicates that rental housing, like non-rental housing, is strongly influenced by educational and social welfare and economic elements and that long-term residential stability and investment through housing benefits are attributed to economic value, education and social welfare factors.

Results of research on the revitalization of public REITs, namely, preference for the choice attribute of public housing and the intention to invest has great implications for both the supply and management of rental apartment through public REITs and the introduction of REITs for private investment enterprises promoted by central government and local government, and public agencies. Public REITs should give great consideration to the participant mode of the private sector and benefits related to participation.

And profound studies should be conducted about the degree of participation by the private sector in relation to the situation that profits should be returned to the private sector within the scope not damaging publicness.