Chonsei contracts are prevailing at house lease contracts in Korea. Inchonsei contracts, tenants of houses give a lump-sum deposit to the owner ofthe property instead of paying periodic rent. This study constructs a chonseiprice model from a housing price model under no arbitrage condition. Themodel implies the expected price change of the property determines thechonsei/trade price ratio. The chonsei price approaches to the trade price asthe trade price is not expected to rise and it lowers as the trade price isexpected to rise more. The implication of the model is confirmed both in timeseries and cross sectional data. Also, it is confirmed in panel data analysis.