Acquisition Rental Housing to Supply 992 Units for Youth and 4,400 Units for Newlyweds
[Asia Economy Reporter Yoo In-ho] The Ministry of Land, Infrastructure and Transport will begin recruiting tenants for purchase rental housing for youth and newlyweds in 16 cities and provinces nationwide starting from the 11th of next month.
The total number of units available is 5,392. There are 992 units for youth and 4,400 units for newlyweds, with 2,315 units supplied in the metropolitan area and 3,077 units in other regions. If applications are submitted in August, youth tenants can move in starting in September, and newlyweds can move in from October.
Tenants of purchase rental housing for youth and newlyweds can mutually adjust the rental deposit and monthly rent according to their economic circumstances.
Youth and newlywed tenants with relatively low rental deposits can increase the deposit and lower the monthly rent to reduce the rent burden.
In this case, increasing the rental deposit by 2 million KRW lowers the monthly rent by 10,000 KRW. For example, a youth tenant who was paying a deposit of 2 million KRW and monthly rent of 240,000 KRW can raise the deposit to 10 million KRW and pay only 200,000 KRW in monthly rent.
Newlywed tenants in the relatively high deposit category (Type II) can raise the monthly rent and lower the deposit to reduce the burden of preparing a lump sum. In this case, increasing the monthly rent by 10,000 KRW lowers the deposit by 4 million KRW. For example, a newlywed couple paying a deposit of 80 million KRW and monthly rent of 300,000 KRW can raise the rent to 400,000 KRW and reduce the deposit to 40 million KRW.
The detailed information on the third round of tenant recruitment supplying a total of 5,392 units for youth and newlyweds is as follows.
Youth purchase rental housing is supplied as fully furnished units (including air conditioners, refrigerators, washing machines, etc.) considering the housing characteristics of youth who move frequently for job preparation and proximity to work (992 units), and tenants can live at about 40-50% of market rent.
Newlywed purchase rental housing is supplied in two types: Type I (2,345 units), where tenants can live in multi-family houses at about 30-40% of market rent, and Type II (2,055 units), where tenants can live in apartments or officetels at about 60-70% of market rent.
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| Newlywed Type I | Newlywed Type II |
Income Criteria (Average Monthly Income of Urban Workers) | 70% (90% combined for couples) | 100% (120% combined for couples) |
Support Amount | Average 160 million KRW (190 million KRW in Seoul) | Average 300 million KRW (436 million KRW in Seoul) |
Housing Type | Multi-family houses, etc. | Multi-family houses + apartments/officetels |
Rent | 30%?40% of market price | 60%?70% of market price |
Additionally, among the newlywed types, 1,154 vacant houses that have been unoccupied for more than six months will have relaxed move-in requirements so that married households with minor children can move in even if their marriage period exceeds seven years.
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