LH to Recruit Tenants for 'Dormitory-Style Youth Housing'... Secure 6-Year Residency at About 40% of Market Price

[Asia Economy Reporter Lee Chun-hee] Korea Land and Housing Corporation (LH) is once again recruiting tenants for dormitory-style youth housing this year. It guarantees stable housing for up to six years at about 40% of the nearby market rent for students and young people.

On the 31st, LH announced that it is recruiting prospective tenants for 243 dormitory-style youth housing units. 'Dormitory-style youth housing' refers to 'small-scale dispersed dormitories outside of schools' operated by LH by purchasing existing houses, installing convenience facilities, and renting them out. Tenants can live there for up to six years after moving in.

Following about 1,000 young people moving into eight youth housing locations last year, this year LH plans to recruit tenants for four locations in Seoul (216 units) and three locations in Ansan, Gyeonggi Province (27 units), all conveniently accessible by public transportation and near university areas. By region, the units are ▲44 units in Galhyeon-dong, Eunpyeong-gu, Seoul ▲119 units in Jayang-dong, Gwangjin-gu (2 locations) ▲53 units in Huigyeong-dong, Dongdaemun-gu ▲11 units in Danwon-gu, Ansan-si ▲16 units in Sangnok-gu, Ansan-si (2 locations).

Dormitory-style youth housing is supplied as studio-type units including bedrooms and bathrooms, considering the preferences of young people. Each unit is equipped with basic household appliances necessary for daily life, such as refrigerators and washing machines.

The deposit for all units is uniformly 600,000 KRW. The monthly rent is set at an average of 310,000 KRW, about 40% of the nearby market rent, minimizing the burden on tenants. Lease contracts are signed for two-year terms, but considering the characteristics of university students who live by semester, tenants can terminate the contract and move out without penalty during the contract period.

Applicants must currently be homeless university (graduate) students or youths aged 19 to 39. Additionally, the combined income of the applicant and their parents must be below 100% of the previous year's average monthly urban worker income (5,626,897 KRW for a three-person household). Afterward, priority for tenancy is determined based on the applicant's income level and other factors. Those who are recipients of livelihood or medical benefits for themselves or their parents, or those who have not passed five years since leaving a child welfare facility, receive first priority.

Those wishing to apply can do so online via the subscription center or the mobile application (LH Subscription Center) from the 31st until the 4th of next month. After qualification screening, the results for first and second priority selections will be announced on the 19th of next month. Move-in begins at the end of August.

Due to concerns about face-to-face contact amid the spread of COVID-19, LH plans to provide online services for application and document submission processes to ease the burden on young people. For detailed information such as selection criteria and housing floor plans, applicants can refer to the tenant recruitment announcement posted on the LH Subscription Center or contact the My Home Call Center.

An LH official stated, "We plan to continuously expand the supply of housing for university students and young people," adding, "We will strengthen housing support so that young people can prepare for their future without worrying about housing."

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