Analysis Of The Reasons For The Imbalance In The Ratio Of Rental To Sales In China

Since the urban housing system reform in 1998,the housing price has been rising in the housing market.However,in the housing rental market,the rent increase is lower than the housing price increase for a long time,which leads to the imbalance of the ratio of rent to sales and deviates from the normal level.From the perspective of the imbalance of the ratio of housing price to rent and sale,this paper studies four aspects of problems in China's housing market and housing rental market.The second is to analyze the imbalance of the ratio of rent to sales based on China's national conditions.The third is a comprehensive analysis of the reasons for the imbalance in the ratio of housing prices to rents;Fourthly,the author makes an empirical analysis on the causes of the imbalance of the price-to-rent ratio.The paper argues that the ratio of housing prices to rents in China is seriously out of balance,which is marked by:the rental return rate of most cities is lower than the interest rate of three-year t ime deposit,and the ratio of rente to rents also deviates greatly from the average level of global hot cities;The normal rent to sale ratio of housing price should roughly conform to the principle of house purchase cost=rental cost.The imbalance of the rent to sale ratio of housing price in China is not only because the housing price is too high,but also because the rent is relatively low.The empirical study found that the factors affecting the ratio of rent to sales are different in different cities,but the expectation of housing price rise has a significant impact on all cities in China.The paper also believes that to solve the problem of the imbalance between rent and sales,we need to start from many aspects,including land system reform,household registration system reform and control of monetary quantity to stabilize the housing price,and introduce relevant policies and laws to guide the development of the housing rental market.