건설형 뉴스테이 임대주택리츠의 수익-위험 분석

건설형 뉴스테이 임대주택 리츠의 수익률과 위험요인을 분석했다.

This paper analyzed the risk of rate of return by principle components for the construction type in NewStay rental housing REITs. Risk analysis based on Monte-Carlo simulation method with cash flow. Principle components of risk focused on Housing Price Increase Rate, Security Deposit, and Chonsei to Monthly Rent. As a result, the main risk factor that can influence on rate of return in NewStay is identified as Housing Price Increase Rate. Because Housing Price Increase Rate is macro variable that cannot be modified by company level, risk of rate of return can be modified by levels of Security Deposit, and Chonsei to Monthly Rent.

However, Chonsei to Monthly Rent is not easily modified because NewStay receive public support. In order to increase rate of return and to decrease risk, NewStay might choose Security Deposit. Our findings imply that Security Deposit would be possible to stable business operation because increase of Security Deposit makes possible both to get appropriate return for NewSay Company and to provide low-cost rental for leaseholders.