Half of new rental contracts in Seoul are ‘monthly rent’… “Poor living conditions”

An analysis showed that the living conditions of the rented households have deteriorated due to the increased burden of jeonse and monthly rent.

As a result of analyzing the real transaction price data of the Ministry of Land, Infrastructure and Transport on the 20th, Real Estate R114 analyzed the real transaction price data of the Ministry of Land, Infrastructure and Transport. From June to November last year, when the rental report system was implemented, the number of rental transactions in Seoul housing (apartment, single/multi-family, multi-family, multi-family, etc.) was 136,184 in total. done.

Among them, 37,226 renewal transactions (including renewal of contracts and use of renewal claim rights) and 98,958 new transactions were counted.

Among the renewal contracts, monthly rent was 8,152 (21.9%), which was a third of 29,074 (78.1%) of jeonse. Among new contracts, the monthly rent was 47,973 cases (48.5%), which is more than double the proportion of monthly rent for renewal contracts (21.9%). About half of the new contracts are monthly rental contracts.

Among the renewal contracts, the ratio of monthly rent by housing type was ▲single/multi-family (1327 cases, 29.8%) ▲ apartment (5323 cases, 22.5%) ▲ cooperative/multi-family housing (1502 cases, 16.6%). In terms of new contracts, the proportion of new monthly rent for single and multi-family households was the highest at 67.1% (22,274 cases).

Yeo Kyung-hee, senior researcher at Real Estate R114, said, “After July of this year, as the contracts of tenants who used the right to renew the contract expire, the demand for moving out and moving along with the demand for leases will move, and there is a possibility that the rental market will become unstable.” It is expected that they will leave the city and move to Gyeonggi and Incheon areas.”

He also predicted that “this year, Gyeonggi and Incheon will increase the number of apartments by 20,000 compared to last year, so this movement will be noticeable mainly in new apartments.”

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