Recent years, especially after the currency crisis in 1997, have been introduced a variety of financial techniques(such as ABS, REITs) in real estate market for the main purpose of stimulating effective liquidation of corporate owned real estate. REITs can be classified in legal form into corporate-type and trust-type, but this paper focused on corporate-type REITs, particularly of which asset acomposition is built mostly of rental housing. REITs depends its financing basically on equity, and the expected value of its equity depends on its reputation and performance. In order to subscribe investor successfully and maintain investor relations, its credibility and performance should be testified for several years. In the aspect of cash-flow, rental housing is generally recognized as a good properties for REITs. In addition, profitability of rent, scale to economy in management and concentration of housing pool would also be role as a important variable. Un-saled housing pool, the cumulative increasing of which being a critical cause for the construction industries driven to bankruptcy, can be easily standardized in management aspect. This paper proposed a basic scheme ; Buying un-saled housing in bundle, so on transforming into rental housing. And this paper also proposed a simple structure guaranteeing a profitable dividend to investor. The securitization of un-saled housing through REITs not only would be a stimulus to enlarge rental housing stock, but also would be a effective device for early withdrawing the cash advanced in housing construction.