55% Decrease in Apartment Move-ins in Seoul and Gyeonggi in September... "Concerns Over Worsening Jeonse and Wolse Crisis"

[Asia Economy Reporter Onyu Lim] The number of apartments scheduled for occupancy in the Seoul and Gyeonggi areas in September has sharply decreased.

According to the Korea Research Institute for Human Settlements on the 10th, the nationwide number of apartments scheduled for occupancy this month is 31,443 units. Among these, the Seoul and Gyeonggi areas account for 10,100 units (32.1%). Compared to last month, the nationwide figure has decreased by 17.8%, while Seoul and Gyeonggi have seen a 55.6% reduction.

The institute forecasted that the sharp decline in new apartment occupancy in the metropolitan area will further exacerbate the rental market difficulties triggered by the implementation of the two lease laws: the right to request contract renewal and the rent ceiling system.

The institute also projected that the Housing Occupancy Situation Index (HOSI) nationwide for this month will be 69.6, remaining below the 60-point threshold for two consecutive months, indicating a continued deterioration in occupancy conditions. HOSI is an index that comprehensively assesses occupancy conditions from the supplier's perspective for apartment complexes about to be occupied or currently being occupied. A value above 100 indicates favorable conditions, while below 100 indicates unfavorable conditions.

The institute explained, "Due to government regulations and the resurgence of COVID-19, occupancy conditions in most regions are expected to worsen in September."

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