Study On Value Evaluation Of Long-Rent Apartments

In 2016,the General Office of the State Council issued "Some Opinions on Accelerating the Cultivation and Development of the Housing Rental Market",which clearly put forward the goal of implementing the simultaneous purchase and rent,cultivating and developing the housing rental market.The government supports the housing rental industry from tax,finance,land supply and other dimensions.Under the dual temptation of the government's good policies and trillion-level market prospects,all kinds of enterprises have joined the long-Rent apartment market,such as real estate developers,real estate service intermediaries,hotel operators and Internet start-ups.The development of long-Rent apartments has broadened the business scope of the evaluation industry and posed new challenges.Real estate enterprises occupy an important position in the long-Rent apartment market,and will become the main force in the future market.This paper chooses real estate enterprises as the leading development model to study.According to the ownership relationship between real estate enterprises and property,property can be divided into two categories,one is self-owned property,the other is rental property.Self-owned property can be divided into stock self-owned property and incremental self-owned property.In the incremental self-owned property development model of real estate enterprises,enterprises can participate in all stages of the project life cycle.In 2018,the Ministry of Land and Housing listed 11 cities,such as Shenyang and Wuhan,as pilot projects,allowing the use of collective construction land to build rental housing.The incentive of land policy will promote the development of incremental self-owned property development model of real estate enterprises.At present,in the long-term rental apartment projects that have been opened,the mode of acquiring property by leasing accounts for the highest proportion.In different development modes,the evaluation needs to consider different issues.This paper studies the value evaluation of long-Rent apartments in different development modes.Firstly,this paper introduces the housing rental market and long-Rent apartments.On the basis of detailed analysis of the development background,market situation and development mode of long-Rent apartments in China,it chooses long-Rent apartments dominated by real estate enterprises as the research object of this paper.Then,this paper further subdivides the development model into self-sustained development and leasing development.Considering the characteristics of each type of development model and the applicability of the three evaluation methods,it is proposed that the asset evaluation business in incremental self-sustained development model can consider the cost method.In view of the fewer projects put into operation in this model,without in-depth analysis,the asset evaluation business in leasing development model can be considered.Priority should be given to market method and income method.At the early stage of the development of long-Rent apartment industry,the relevant laws and regulations have been constantly improved,and there is room for optimization and improvement in the practical application of market law and income law.In this paper,the market method is used to determine the rent level of long-Rent apartments,and the grey correlation degree is used to modify the pricing results of the market method to weaken the subjective interference.Then,the assets are evaluated by the income method,and the expected income is determined on the basis of the objective income and cost obtained by the market method,and the expected income period is analyzed according to the actual situation of the project.The calculation method of discount rate needs to be analyzed according to specific cases.In addition to the usual methods such as summation and weighted capital cost,the discount rate can also be calculated by using the rent-to-sale ratio index.In the case analysis part,this paper chooses the Vankopo apartment Wuyangshan project for valuation,applies the relevant theory in this paper to the case analysis,estimates the market value of long-Rent apartments in the evaluation reference day.At the end of the article,it briefly reviews the views and conclusions,and puts forward suggestions to the relevant departments.With the rapid development of the long-term rental apartment market in China,the theoretical methods in this paper need to be constantly updated,and the deficiencies in the research need to be further improved.