One in 10 New Seoul Apartment Rentals Exceed 3 Million Won Monthly

One in every 10 new apartment rental contracts signed in Seoul has been identified as a high-value deal, with monthly rents exceeding 3 million won. An analysis of approximately 27,000 new apartment rental contracts registered in Seoul this year on the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system revealed that 9.5% of these contracts involved monthly rents of 3 million won or higher. This trend of high monthly rents was particularly pronounced in specific areas such as Yongsan-gu (34.7%), Seocho-gu (31.3%), and Gangnam-gu (29.4%). A 84㎡ apartment in Mia-dong, Gangbuk-gu, was transacted with a deposit of 50 million won and a monthly rent of 3.1 million won, while an apartment complex in Sanggye-dong, Nowon-gu, saw a transaction with a deposit of 150 million won and a monthly rent of 3 million won.

With the decline in the Jeonse (lump-sum deposit rental) market and the ripple effects of Jeonse scams accelerating the shift to monthly rentals, the proportion of monthly rental transactions in Seoul rose to 70% from January to April this year. The average monthly rent for housing in Seoul this year was 1.246 million won, a 7.8% increase compared to a year ago.

The government has announced measures to supply 66,000 non-apartment rental housing units in regulated areas of Seoul and Gyeonggi Province over the next two years.