February Seoul One-Room Monthly Rent Drops 2%... "9% Decline Near Kyunghee University"

[Asia Economy Reporter Onyu Lim] The average monthly rent for one-room apartments in Seoul fell for the first time in three months in February. The decline was particularly notable around university areas.

According to the 'Dabang Rental Price Report' released on the 10th by real estate information platform Dabang, the average monthly rent for one-room apartments (exclusive area of 33㎡ or less) in Seoul was 540,000 KRW in February. This represents a 2% decrease compared to the previous month, marking a reversal after three months of increases.

Dongdaemun-gu (420,000 KRW) and Gwanak-gu (360,000 KRW), home to major universities, recorded declines of 7% and 5% respectively, while Seongdong-gu (500,000 KRW), Seongbuk-gu (450,000 KRW), and Gangnam-gu (650,000 KRW) also saw a 4% decrease. However, monthly rents in Yongsan-gu (560,000 KRW) and Mapo-gu (540,000 KRW) rose by 6% and 4% respectively compared to the previous month.

Narrowing down to university areas, the vicinity of Kyung Hee University in Hoegi-dong (430,000 KRW) fell by 9% compared to the previous month, and the area near Seoul National University in Sillim-dong, Gwanak-gu (380,000 KRW) dropped by 5%. Additionally, areas around Korea University (420,000 KRW) and Hanyang University (460,000 KRW) also declined by 5% and 4% respectively.

The average monthly rent for two- and three-room apartments (exclusive area of 60㎡ or less) decreased by 1% from the previous month to 690,000 KRW. While districts in Seoul’s central business areas such as Jongno-gu, Jung-gu, Gangnam-gu, and Seocho-gu showed a downward trend, areas like Gangdong-gu, Gangbuk-gu, Dongdaemun-gu, Seongbuk-gu, and Jungnang-gu experienced increases.

Kang Gyuho, team leader of the Dabang Data Analysis Center at Station3, said, “The one-room rent in February slightly decreased compared to the previous month, and many areas showed stable prices as university students searching for rooms late ahead of the semester continued to create demand. Due to loan regulations preventing home purchases, actual housing demanders have flooded the market, so the rent for two- and three-room apartments may rise further.”

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