我们最早对租金收益率讨论是在2022 年底的报告《大拐点的宿命》,当时主要从理论上提出:过去国内住宅的低租金收益率本质上是居民对住宅偏好的扭曲,在大周期拐点的背景下,房价有下跌压力。1)经典的经济学模型中,房价的决定逻辑是收入——房租——房价:居民的收入、偏好以及住宅供应量决定了租金的水平,而租金的折现决定了房价的水平,而在过去房租/收入基本合理,高房价收入比通常意味着低租金收益率;2)过去国内...
Source Link我们最早对租金收益率讨论是在2022 年底的报告《大拐点的宿命》,当时主要从理论上提出:过去国内住宅的低租金收益率本质上是居民对住宅偏好的扭曲,在大周期拐点的背景下,房价有下跌压力。1)经典的经济学模型中,房价的决定逻辑是收入——房租——房价:居民的收入、偏好以及住宅供应量决定了租金的水平,而租金的折现决定了房价的水平,而在过去房租/收入基本合理,高房价收入比通常意味着低租金收益率;2)过去国内...
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