Abstract
It is well known that the rent for long-standing tenants is lower than used rent in rental housing market. KUME (1995) insisted that this tenure discount is mainly caused by Land and Housing Lease Law and without this restriction market rent will be declining to almost 80% of present rent. But the analysis neglected the fact that used rent is lower than new rent. In this paper three type of rent (rent for long-standing tenants, used rent, new rent) are calculated and compared each other by using Housing Census (1993) and found out that discount effect by rent for long-standing rent to used rent is small. It is only 5% decrease of used rent. In conclusion the hypothesis is presented that this phenomena is explainable by owners tendency to avoid vacant risk.
