The monthly rental price of an apartment has been set at an all-time high.
According to the real transaction price disclosure system of the Ministry of Land, Infrastructure and Transport on the 3rd, the 273.96㎡ exclusive area of PH129 (The Penthouse Cheongdam) in Gangnam-gu, Seoul signed a lease agreement on the 21st of last month for a deposit of 400 million won and a monthly rent of 40 million won.
All-time high This is 13 million won higher than the previous high of 27 million won recorded by 264.546 square meters for Acro Seoul Forest in Seongdong-gu, Seoul on July 30 last year.
This is 17 million won higher than the monthly rent contract made within PH129. The actual transaction price disclosure system showed that in December 2020, a 273.96 m² dedicated PH129 was signed with a deposit of 2 billion won and a monthly rent of 23 million won.
Last month, the highest price for Jeonset was also renewed. On the 5th of last month, a 271 m² exclusive space for Galleria Foret in Seongsu-dong, Seongdong-gu was signed with a deposit of 7.5 billion won. The previous highest price was 7.1 billion won in 219 square meters for ‘Brunen Cheongdam’ in Cheongdam-dong, Gangnam-gu last February.
In the spring moving season, the monthly rent for an apartment has reached an all-time high, raising concerns that the cheonsei market may shake once once more in August, two years into the enforcement of the 3rd Lease Act.
This is because the monthly rent limit system (limited to 5% of the rent increase) does not apply to the amount of money used for the renewal right, and there is a possibility that landlords will significantly increase the rent that has not been raised in the past.
Meanwhile, the Presidential Transition Committee expressed its will to improve the system, seeing that the 3rd Lease Act caused considerable confusion in the market. The transition committee said, “There are various reviews on the improvement of the 3 rental lease law and alternatives.”
(Seoul = News 1)
