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众所周知,在投机行为的推动下,房地产价格容易产生泡沫。那么,房屋租赁市场的租金会不会产生泡沫呢?换句话说,租金是紧密跟随房价变动呢,还是有它自己的运行态势,或者是上述两种情况的折衷?笔者认为,住宅市场的房价和租金之间既存在高度的关联性,又存在一定的独立性。一方面,住宅交易市场和租赁市场的供应互为替代品(消费者可以选择买房或者租房),并且可以相互流动(业主可以选择卖房或者出租),这使得房价和租金之间的背离受到负反馈机制的抑制,有助于房价和租金的比值维持在某个合理范围(理论上,对未来租金收益的折现构成了住房的合理价格)。另一方面,房价和租金分别受房产交易市场和房屋租赁市场供需关系的影响,两个市场的影响因素是有所不同的,导致房价和租金随时间变化上
As we all know, driven by speculation, real estate prices are prone to bubbles. In other words, rent is closely follow the changes in housing prices, or have its own operational situation, or a compromise between the two situations? I believe that the housing market housing prices There is not only a high degree of relevancy between rent and rent, but also some independence. On the one hand, the supply of residential and leasing markets is a substitute for each other (consumers can choose to buy a house or rent a house), and they can flow to each other (the owner can choose to sell or rent), which negatively feeds back the deviation between house price and rent The restraint of the mechanism helps to maintain the ratio between house price and rent to a certain reasonable extent (in theory, the discount to future rent income constitutes the reasonable price of housing). On the other hand, the prices and rents are affected by the relationship between supply and demand in the real estate transaction market and the rental market respectively. The influencing factors of the two markets are different, resulting in changes in the prices and rents over time