Contract Renewal and Rent Cap System Passed at Cabinet Meeting... Effective from Today (Update)

[Asia Economy Reporter Kwangho Lee] The right to request contract renewal and the rent ceiling system for tenant protection passed the Cabinet meeting on the 31st and will be implemented immediately.

On the same day, the government held an extraordinary Cabinet meeting at the Government Seoul Office, presided over by Prime Minister Chung Sye-kyun, to review and approve the promulgation plan of the amendment to the Housing Lease Protection Act, which introduces the right to request contract renewal and the rent ceiling system, key components of the 'Three Lease Laws' passed by the National Assembly the previous day.

The government decided to complete the promulgation process on the same day after the President's approval and publication in the official gazette. The law will take effect immediately upon its publication in the gazette.

The Housing Lease Protection Act was submitted to the Legislative and Judiciary Committee, the relevant standing committee, on the 29th and passed on the same day, then cleared the plenary session the previous day, and passed the extraordinary Cabinet meeting on the day, resulting in implementation within two days of submission to the committee.

Accordingly, tenants can request an additional two-year contract extension, and landlords must accept it unless there are circumstances such as actual residence. Rent increases cannot exceed 5% of the previous contract amount.

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