The purpose of this study is to analyze the rental rates of the closed school, focusing on contracting by negotiation. Previous studies on closed schools have focused on usage history or policy improvements, but research on rental rates has yet to be sufficiently addressed. Using whole population data on closed schools consisting of currently rented and not-yet-utilized as of March 1, 2022, provided by the Ministry of Education, this study empirically analyzed both the rental status and rental rates of closed schools. The study used a two stage Heckman model with the rental status and the natural logarithm of the rental rate as two dependent variables and school, location, and contract characteristics as key independent variables. The study finds that contracting by negotiation has a negative effect on closed school rental rates. This study provides a new perspective on rental rates for space users and new ideas for establishing a re-utilization plan for the government. Furthermore, by examining the factors that influence the rental status, this study suggests more effective ways to promote the utilization of closed schools.