中文摘要：

首先，本文回顾和梳理了西方房地产市场租金空置率调整理论的发展演变过程，从短期的住房存量市场和长期的住房增量市场两个角度介绍了初始理论及早期经验研究；其次，关注实证研究中数理模型的演变过程，归纳并评述了最初数理模型、自然空置率的引入和演变以及均衡租金的作用；最后，对理论和模型的整个演变过程进行了简要的评述。

英文摘要：

This paper reviews the development evolution process of rent and vacancy rate adjustment theories in western real estate industry, and introduces the researches on original theories and early experiences form short-run and long-run perspectives. Then,it concerns the evolution of empirical and theoretical models, and categorize the evolution process into four phases-the primitive model, the model of fixed natural vacancy rate, the model of varying natural vacancy rate and the model of equilibrium rent.