Table 6 Results of estimating the long-run equilibrium relationship equation of the rent to cheonsei ratio based on real transaction data and on appraisal price data

	KAB’s rent to cheonsei ratio(Jan. 2011 - Dec. 2014)	KAB’s monthly rent interest rate(Jan. 2011 - Dec. 2014)
Constant term	5.2079***	6.5828***
Korea 3-year Treasury Bond yield	1.0559***	1.1408***
Standard error of regressor	0.287	0.324

Note: *** means that the estimation coefficient is significant at the significance level of 1%.