March Seoul University Area One-Room Monthly Rent ↓..."Impact of Online Semester Due to COVID-19"

[Asia Economy Reporter Onyu Lim] The average monthly rent for one-room apartments in Seoul has declined for two consecutive months. The decrease was particularly noticeable around university areas, where many universities postponed the start of the semester or replaced it with online classes due to the spread of the novel coronavirus (COVID-19).

According to real estate information platform Dabang on the 10th, the average monthly rent for one-room apartments under 33㎡ (exclusive area) last month was 530,000 KRW. This figure represents a 2% drop compared to the previous month, marking a decline for two consecutive months.

The trends varied by autonomous district. In seven districts including Gangdong-gu, Gangseo-gu, Gwanak-gu, Guro-gu, Dongdaemun-gu, Seodaemun-gu, and Jungnang-gu, monthly rents rose by about 2-3%. In the remaining 15 districts where prices fell, the decrease ranged from 2% to 4%.

The decline in one-room rents was especially prominent near major universities. Areas near Seoul National University of Education (510,000 KRW) saw a 7% decrease compared to the previous month, and Sookmyung Women’s University (450,000 KRW) also dropped by 6%. Rents near Chung-Ang University (380,000 KRW) and Yonsei University (480,000 KRW) fell by 5% and 4%, respectively.

For two- and three-room apartments under 60㎡, the average monthly rent also declined for two consecutive months, recording 670,000 KRW last month. While areas such as Dobong-gu, which saw an 8% increase, along with Geumcheon-gu, Guro-gu, and Nowon-gu experienced rising rents, districts like Gangnam-gu, Seocho-gu, and Seongdong-gu saw decreases of 4%, 6%, and 6%, respectively.

Kyuho Kang, team leader of the Data Analysis Center at Dabang, said, “One-room rents near universities have generally declined as cases of semester postponements and replacement with online lectures have increased. Since the moving season for one-room apartments has already ended and social distancing measures continue, the decline in one-room rents is expected to persist for the time being.”

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