One-Room Monthly Rent: Hongik University Area Most Expensive, Seoul National University Area Cheapest

Real Estate App Dabang Announces '2019 Seoul One-Room Monthly Rent Trends'
Analysis of Over 1.1 Million One-Room Listings Registered on Dabang Last Year
Notable Rent Increase During University Vacation Season
Highest Monthly Rent Recorded in July, Gangnam-gu, and Hongik University Areas

[Asia Economy Reporter Onyu Lim] Among university areas in Seoul, the most expensive monthly rent for one-room apartments is found around Hongik University, while the area near Seoul National University is the cheapest. Seasonally, monthly rents were higher in January and July, two months before the start of the new semester.

Real estate platform Dabang announced on the 21st that it analyzed the monthly rent trends of about 1.1 million one-room listings under 33㎡ registered in Seoul last year. The company explained that to compare regional differences, the deposit for all listings was uniformly adjusted to 10 million KRW.

According to the analysis, among university areas, which are the main demand group for one-room apartments, the monthly rent around Hongik University was the highest at a minimum of 510,000 KRW. This amount is higher than the highest rents in other university areas such as Konkuk, Kyung Hee, and Hanyang Universities. Among the 10 university areas in Seoul, the cheapest places were around Seoul National University and Chung-Ang University, with a minimum price of 360,000 KRW, which is 150,000 KRW cheaper than around Hongik University.

The most expensive month for monthly rent was July, followed by January, February, June, and December. The month with the lowest rent was May. Kang Kyuho, team leader of the Dabang Data Analysis Center at Station3, analyzed, "Since the main demand for one-room apartments consists of university students and young professionals, rents tend to rise in summer and winter when admissions, re-enrollments, graduations, and employment peak."

Overall in Seoul, the Gangnam area had the highest monthly rents. The highest price in Gangnam and Seocho districts was 680,000 KRW, nearly double the lowest price of 360,000 KRW in Geumcheon district. In the northeastern area, Dobong and Gangbuk districts, and in the southwestern area, Geumcheon, Guro, and Gwanak districts, the highest annual rent did not exceed 400,000 KRW.

Among the 25 autonomous districts of Seoul, Jung-gu had the largest monthly rent fluctuation last year. The difference between the lowest price (480,000 KRW in February) and the highest price (670,000 KRW in May) reached 190,000 KRW. Seodaemun-gu and Dongjak-gu, which have a high concentration of universities, were also found to have relatively large annual rent fluctuations.

This content was produced with the assistance of AI translation services.