Suncheon City Launches 'Good Rent Reduction Civic Movement' to Overcome COVID-19

Best Efforts for Local Economy Recovery through Landlord-Tenant Win-Win Cooperation

[Asia Economy Honam Reporting Headquarters Reporter Kim Chunsu] Suncheon City, Jeollanam-do, announced on the 5th that it held a meeting on the 4th to promote the spread of the “Good Rent Reduction Civic Movement,” which reduces commercial rent for self-employed business owners facing difficulties due to the prolonged COVID-19 situation and the resulting economic downturn.

About 20 participants attended the meeting, including representatives from the Suncheon Chamber of Commerce, the Small Business Federation, merchants’ associations, the Federation of Village Leaders, residents’ autonomy committees, and the Barugesalgi Committee. They agreed that all citizens should join in reducing commercial rents to ease the burden on struggling self-employed business owners.

Mr. Lee from Yeokjeon Market decided not to collect rent for March from his own building, Mr. Kim from Jorye-dong is reducing rent by 50% for three tenants for three months, and landlords of two businesses near Yeonhyang 3 District shopping area and the terminal are also lowering rents by 20%, marking the beginning of the “Good Rent Movement.”

Meanwhile, Suncheon City is reviewing plans to reduce property taxes for landlords based on the rent reduction rate and period, to be implemented after council approval. They are also promoting measures to reduce or defer rent payments for public facilities such as traditional markets and Sine Mall.

Previously, the government announced a three-part support package for small business owners’ rent, including a 50% tax credit on income and corporate taxes for the reduced rent amount, rent reductions for government and local government-owned properties, and rent reductions for public institution-owned properties to aid regional economic recovery.

Kang Youngseon, Director of the Autonomous Administration Bureau, said, “We hope the rent reduction movement will continue as a good relay, providing strength and courage to small business owners and self-employed individuals facing difficulties, and we urge landlords to actively participate.”

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