A Study on the Impact of Debt Service Ratio (DSR) Regulations on the Number of Leasehold Registration Orders

This study empirically analyzed the impact of DSR regulations on leasehold registration orders using panel data from 59 cities and counties in the Seoul metropolitan area from January 2020 to April 2025. The analysis found that apartment jeonse prices (negative) and corporate bond yields (positive) had significant effects with a six-month lag, with the reverse jeonse phenomenon showing the strongest positive effect in Incheon. Notably, DSR and stressed DSR regulations significantly increased the number of leasehold registration orders. The impact was most pronounced in Seoul and Incheon before DSR implementation, while in Gyeonggi Province during Stage 3. Stressed DSR also showed regionally differentiated significance. This suggests that strict lending regulations act as a mechanism to restrict landlords