Recruitment of Tenants for 6,358 Youth and Newlywed Purchase Rental Housing Units

[Asia Economy Reporter Moon Jiwon] Korea Land and Housing Corporation (LH) announced on the 10th that it will recruit tenants for 6,358 purchased rental housing units targeting youth and newlywed couples.

Purchased rental housing refers to public housing where LH buys multi-family and multi-unit houses, renovates them, and rents them out to youth and newlywed couples at prices lower than market rates.

The supply volume for this recruitment is 1,375 units for youth and 4,983 units for newlywed couples. By region, 3,184 units will be supplied in the metropolitan area and 3,174 units in other provinces. If applications are submitted within this month, youth can move in starting next month, and newlywed couples can move in from October.

Youth purchased rental housing is supplied with essential household appliances such as refrigerators, washing machines, and air conditioners, considering the housing characteristics of youth who frequently move due to job preparation. Any homeless youth aged 19 to 39 can apply. Priority 1 tenants can live for up to six years with a deposit of 1 million KRW and rent at 40% of the market price, while Priority 2 and 3 tenants can live with a deposit of 2 million KRW and rent at 50% of the market price.

Newlywed couple purchased rental housing offers 2 types: Type I, consisting of 2,684 units in multi-family houses, where tenants can live at 30-40% of market prices, and Type II, consisting of 2,299 units in apartments and officetels, where tenants can live at 60-70% of market prices. Type I has relatively lower rent compared to Type II, while Type II applies relaxed income criteria compared to Type I.

LH operates a system that allows mutual conversion between rental deposits and monthly rent to alleviate housing cost burdens for youth and newlywed couples. Tenants in Youth and Newlywed Type I, who have relatively low rental deposits, can increase their deposits and lower monthly rent, while tenants in Newlywed Type II, who have somewhat higher deposits, can increase monthly rent and lower deposits.

Recruitment for the youth type starts on the 11th, and for the newlywed type on the 17th. Among the newlywed types, 1,375 vacant houses that have been unoccupied for more than six months are being recruited on a first-come, first-served basis with relaxed eligibility requirements allowing married households with minor children to apply.

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