Gwangjin-gu, 20% Reduction in Real Estate Brokerage Fees for University Students

Up to 20% Discount on Brokerage Fees for Local University Students' Lease Contracts... 331 Brokerage Offices Participating

Image of a Trusted Brokerage Office

[Asia Economy Reporter Jongil Park] Gwangjin-gu (Mayor Kim Seon-gap) is promoting the ‘University Student Brokerage Fee Reduction Service,’ which reduces brokerage fees paid to real estate agencies by up to 20% when university students in the area sign lease contracts for residential housing, starting this month.

This project was established to support students who need to secure housing for their studies amid the increasing burden of housing costs.

To this end, the district has built a cooperative system with three local universities (Konkuk University, Sejong University, Presbyterian University and Theological Seminary) and the Gwangjin-gu Certified Real Estate Agents Association. Each university and student council supports promotion, and 331 real estate agencies, accounting for 37% of all agencies in the area, are participating in the fee reduction.

The brokerage fee reduction applies to lease contracts for monthly or yearly rent with a transaction amount of 95 million KRW or less at participating agencies. The statutory brokerage fee corresponds to 0.4% of the lease transaction amount (deposit + monthly rent × 100).

The district will attach ‘Good Brokerage Office’ stickers to participating agencies and post the list of participating agencies on the district office and each university’s and student council’s websites to promote the benefits to more students.

Mayor Kim Seon-gap said, “Although it is a small amount, I hope this will reduce the financial burden on students and provide an opportunity to feel the warmth of the local community. I thank the representatives of the real estate agencies who have joined in social sharing for youth housing stability despite the difficult times due to COVID-19, and I hope this spirit of coexistence spreads widely.”

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