Seongdong-gu Provides Up to 5 Million Won Support to Good Landlords

In March, a 'Good Landlord Movement' was carried out with voluntary participation from a total of 318 stores

A banner thanking participants in the Good Landlord Movement hung in the Wangsimni Doseondong shopping district, Seongdong-gu

[Asia Economy Reporter Jongil Park] Seongdong-gu (District Mayor Jung Won-oh) is supporting good landlords who have reduced rent to help small business owners struggling due to COVID-19 by providing up to 5 million KRW for building repairs and electrical safety inspection costs.

As the prolonged COVID-19 crisis has severely impacted local small business owners economically, the wave of landlords reducing rent to help them has gradually spread through local markets and shopping districts. In response, Seongdong-gu designated March as a focused participation period for the voluntary ‘Good Rent Movement’ and promoted the campaign.

First, the district postponed the rent payment deadline until the end of August and waived late fees for neighborhood living facility tenants in the Seongdong Safety Shopping Center building, a public safety shopping center managed by the district. For all 38 tenant businesses, basic management fees are waived for six months from March to August.

Additionally, rent for tenants on the 1st and 2nd floors of the Seongsu 1-ga 2-dong Public Complex Building was reduced by 25% for six months.

Furthermore, through active promotion such as requesting cooperation from related organizations, posting promotional banners, and sending notices to building owners, participation from local landlords has been encouraged, resulting in 318 stores currently joining the rent reduction effort.

The district, in coordination with Seoul City, has prepared various support measures for good landlords who voluntarily reduce rent for tenants suffering from both sharp sales declines and high rent burdens due to COVID-19.

For stores with a converted deposit amount (monthly rent × 100 + deposit) of 900 million KRW or less, if the landlord and tenant sign a win-win agreement and decide on rent reduction, the district will support up to 5 million KRW within 30% of the total reduction amount during the agreement period for building repairs and electrical safety inspections. However, this support is limited to repair work that improves building durability such as waterproofing, insulation, and carpentry, and does not apply to simple interior work or buildings violating the building register.

Additionally, disinfection support for commercial buildings will be provided, and a ‘2020 Good Landlord Building (tentative name)’ icon will be assigned on mobile real estate apps.

The disinfection support will be implemented by newly recruiting public work participants in the area to provide disinfection personnel. This aims to reduce landlords’ disinfection costs while creating jobs through new hires, achieving a twofold effect.

Assigning the promotional icon on smartphone real estate apps is intended to give landlords pride in practicing the good rent movement and to promote a positive image to tenants and local residents, thereby increasing interest in the ‘Good Rent Movement.’

This support can be applied for by landlords and tenants after signing a rent reduction win-win agreement. Required documents such as the tenant’s business registration certificate, a copy of the lease contract, and estimates for building repair cost support should be submitted in person or by mail to the Sustainable Development Division of Seongdong-gu Office starting from April 10.

Jung Won-oh, Mayor of Seongdong-gu, said, “I sincerely thank the landlords who voluntarily joined the rent reduction movement and realized the value of coexistence. I hope that the support measures we have prepared can be of some help.”

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