Monthly Rent for One-Room Apartments Near Hongdae Cut by 5%... "Impact of Prolonged COVID-19"

Dabang Releases August Seoul Studio, Two-Three Room Monthly Rent Report
Studio Transactions Decline, 6-8% Drop in Nowon-gu and Others

[Asia Economy Reporter Onyu Lim] It has been revealed that monthly rents for one-room apartments in Seoul have declined due to the impact of the novel coronavirus infection (COVID-19). In particular, as universities increased online classes, rent changes around major university areas such as Hongik University were noticeable.

According to Dabang on the 10th, the average monthly rent for one-room apartments (exclusive area of 33㎡ or less) in Seoul last month was 490,000 KRW, down 4% from the previous month.

By region, rents dropped significantly by 6-8% in Nowon-gu (370,000 KRW), Jungnang-gu (390,000 KRW), and Gwangjin-gu (460,000 KRW), while Gangnam-gu (580,000 KRW), Gangdong-gu (470,000 KRW), Seocho-gu (580,000 KRW), and Yongsan-gu (460,000 KRW) fell by 3-4%. On the other hand, Jung-gu (580,000 KRW), Dongdaemun-gu (470,000 KRW), and Dongjak-gu (430,000 KRW) saw increases of 2-4%.

Especially, monthly rents for one-room apartments near major universities in Seoul showed a significant decline in some areas as transaction volumes decreased due to online non-face-to-face classes. Hongik University (480,000 KRW) saw the largest decrease of 6% compared to the previous month, while Hanyang University (460,000 KRW) and Sookmyung Women's University (470,000 KRW) each fell by 4%.

The two- and three-room market in Seoul (exclusive area of 60㎡ or less) showed mixed trends with some areas experiencing rent increases and others decreases.

The area with the largest decline was Jungnang-gu (550,000 KRW), down 7%. Yongsan-gu (730,000 KRW), Gangdong-gu (670,000 KRW), Songpa-gu (780,000 KRW), and Gangbuk-gu (570,000 KRW) also fell by 4-5%. Conversely, Yangcheon-gu (600,000 KRW) and Eunpyeong-gu (590,000 KRW) rose significantly by 9% and 7%, respectively, while Gangseo-gu (630,000 KRW), Guro-gu (630,000 KRW), and Seongdong-gu (760,000 KRW) also increased by 4-5% compared to the previous month.

A representative from the Station3 Dabang Data Analysis Center said, "Due to the prolonged online non-face-to-face classes at universities and telecommuting for office workers caused by COVID-19, transactions for one-room apartments in Seoul have slowed, and monthly rents have generally shown a downward trend. With the overlap of the off-season for one-room apartments in autumn, the downward trend in rents is expected to continue for the time being."

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