This study investigates the relationship between features of apartment owner’s occupancy decision and apartment prices, using vector error correction model(VECM). It analyzes the influencing factors of apartment prices. The model includes, as related variables of apartment price, interest rate, the percentage of the transaction price relative to the Chonsei price, and the percentage of owner occupation. As results, apartment price responds negatively by interest rate, positively by the percentage of the transaction price relative to the Chonsei price, and negatively by the percentage of owner occupation. But, apartment price is affected a little by the percentage of owner occupation. And we have observed that the apartment owners are used to buy the other apartment instead of living their own apartment by expecting capital gain from the increase of apartment price, when the price of apartment is rising above the average. Thus, it is necessary to increase the supply of the rental apartments by the owner of more than one apartment, by giving them some incentives. The government needs to implement economic policies in order to stabilize housing price by doing deregulation in real estates market and providing financial support for the houseless.