The main purpose of the paper is to empirically investigate the determinants of the management and operating expenses of apartment housing. Very limited studies have been done on the subject due to the lack of reliable data. To avoid such a limitation...
The main purpose of the paper is to empirically investigate the determinants of the management and operating expenses of apartment housing. Very limited studies have been done on the subject due to the lack of reliable data. To avoid such a limitation, this study has attempted for the first time to use the information system of management fee of muti-family housing recently established by the central government. Some interesting results are found.
First of all, it turns out that regional factors such as income have strongly affected to the level of management cost of apartment housing. The average management cost in rich regions was mych higher than relatively poor regions. For example, Seoul has shown the highest level of management cost, Also the Southeast area of Seoul turns out to be the most expensive region in terms of the management cost of apartment housing.
Secondly, it also turns out that heating system, scale of the apartment site and the corridor type of multi-family housing are the most significant internal factors affecting to the management cost. Finally regional factors, in general, have shown stronger statistical relationship with management cost than site factors.