住房租赁市场房屋维修投资决策与均衡空置率确定

Investment Decision and Equilibrium Vacancy Rate of House Maintenance in Housing Rental Market

通过比较出租人“总是”和“从不”进行维修投资时整个租赁生命周期内的预期收益现值,对住房租赁市场出租人开展维修投资行为的决策条件进行了分析,得出了出租人开展维修投资活动时的最低租金水平,并获取了房屋维修最低租金的影响因素。通过构建最低租金逆需求函数和市场租:金逆需求函数,给出了均衡空置率的计算方法。结果显示:①最低租金与利率、承租人搬出房屋的外生概率、维修成本和需求量存在正向关系;②最低租金与出租人不进行维修投资时承租人搬出房屋的概率、出租人在下一阶段开展维修投资的概率、政府成功监管房屋质量未达标的概率、政府惩罚力度、房屋质量、房屋位置和空置率存在负向关系;3适当的空置率有利于出租人开展维修投资行为;④均衡空置率位于最低租金逆需求函数和市场租金逆需求函数的交点。最后给出了激励出租人积极开展维修投资活动的政策建议。

By comparing the present values of the expected income in the entire lease lifte cycle when the lessor always and never makes the maintenance investment,the decision-making conditions for maintenance investment behavior of the lessor in the housing rental market were analyzed,and the minimum rent level when the lessor started maintenance investment activities was obtained,and the infuencing factors of the minimum rent for housing maintenance were obtained.By constructing the minimum rent inverse demand function and the market rent inverse demand function,the calculation method of the equilibrium vacancy rate was given.The results show that:①there is a positive relationship between the minimum rent and the interest rate,the exogenous probability of the lessee moving out of the house,the maintenance cost and the demand;②the minimum rent has a negative relationship with the probabilit that the lessee moving out of the house when the lessor does not make maintenance investment,the probability that the lessor will make maintenance investment in the next stage,the probability that the government will successfully supervise the off qualified house,the government punishment,the housing quality,the location of the house and vacancy rate;③appropriate vacancy rate is beneficial to the lessor's maintenance investment behavior;④equilibrium vacancy rate is located at the intersection of the minimum rental inverse demand function and the market rent inverse demand function.Lastly,the policy recommendations to encourage the lessor to actively carry out maintenance investment activities are given.