Job-Linked Purchase Rental Housing Decorated with Youths' Ideas

Poster for the 'Job-Linked Purchase Rental Housing' Contest Desired by the Millennial Generation (Provided by the Ministry of Land, Infrastructure and Transport)

[Asia Economy Reporter Lee Chun-hee] A contest is being held where young people can directly participate in the spatial composition of job-linked rental housing.

The Ministry of Land, Infrastructure and Transport and Korea Land and Housing Corporation (LH) announced on the 10th that they will hold the "Job-Linked Purchased Rental Housing Contest," where young "fansumers" (Fan+Consumer) who directly participate in the production process of products and brands propose housing models linked with jobs.

This contest is being promoted to go beyond the quantitative expansion of purchased rental housing and improve housing quality by providing tenant-customized facilities within purchased rental housing and offering regional contribution programs. In particular, the job-linked purchased rental housing targeted this time will provide residential facilities for workers in the same field and job support facilities needed by each sector within one building to realize proximity between work and residence.

The target areas are five in total: Junggok-dong, Gwangjin-gu, Seoul; Gaebong-dong, Guro-gu, Seoul; Jangan-dong, Dongdaemun-gu, Seoul; Songpa-dong, Songpa-gu, Seoul; and Cheoncheon-dong, Jangan-gu, Suwon-si, Gyeonggi-do. Participants select one building among these and analyze the characteristics of the area's industry, average age, and the scale and location of the target building to propose job support facilities utilizing common spaces besides residential facilities. Additionally, to promote coexistence with local residents, participants must also propose regional contribution programs such as lectures and exhibitions using the job support facilities.

Eligibility is for youth aged 19 to 39, and participation is possible individually or in teams. Startups operating rental housing composed of youth or social economy entities can also participate. Among the participants, the top five teams will be finally selected, with the grand prize team receiving the Minister of Land, Infrastructure and Transport Award and a prize of 5 million KRW. Additionally, one team will receive the Excellence Award (3 million KRW), one team the Merit Award (1 million KRW), and two teams the Encouragement Award (500,000 KRW), each accompanied by the LH President's Award and prize money.

Furthermore, as a special benefit, those who meet the move-in requirements for purchased rental housing will be granted priority to move into the respective housing. All winning teams will also receive additional points when applying to be operating institutions for job-linked purchased rental housing in 2021. If selected as an operating institution, they can lease purchased rental housing at about 30% of market rent and then rent it out to tenants at about 50% of market rent to generate revenue.

Applications are accepted through submission of results for nine weeks from the 11th until July 12th. Ten teams will be shortlisted for the finals based on the first-round results announced on August 7th. The final presentation and awards ceremony will be held on August 28th. The judging criteria focus on feasibility and idea concreteness, as the housing will be actually applied and operated next year.

Kim Jeong-hee, Director of Housing Welfare Policy at the Ministry of Land, Infrastructure and Transport, said, "Rental housing has created a new opportunity to contribute not only to housing stability for young people but also to alleviating employment difficulties," adding, "We hope that millennial youth will propose diverse, fresh, and practical ideas."

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