Nowon-gu Provides Customized Rental Housing for Young Entrepreneurs

37 Units of Integrated Work-Residence Rental Housing for Solo Creative Entrepreneurs (Pre-Startup) in Hagye-dong...Recruitment for Residents Aged 19-39 Living in Seoul, Household of 2 or Fewer Without Home Ownership, Meeting Income Criteria from 14th to 20th...Exclusive Area 26.12?39.76㎡, Deposit and Monthly Rent Over 50% Cheaper Than Surrounding Market Rates

[Asia Economy Reporter Jongil Park] Nowon-gu (District Mayor Oh Seung-rok) will supply 37 customized public rental housing units for single young entrepreneurs and prospective startup founders.

This project, promoted in cooperation with SH Seoul Housing and Communities Corporation, aims to support the growth foundation of young entrepreneurs by stabilizing housing for single creative entrepreneurs and prospective startup founders, and to spread youth startup culture.

The rental housing located in Hagye-dong consists of two newly built villa buildings purchased by SH Corporation, totaling 37 units: 19 units in Building A and 18 units in Building B. The exclusive area per unit ranges from 26.12 to 39.76㎡. The first floor is designed as a parking lot and community space for residents, while floors 2 to 5 are configured as integrated live-work spaces combining residential and office functions.

The deposit and monthly rent are about 50% of the surrounding market price. Depending on the housing area and the previous year's average monthly income, the deposit ranges from a minimum of 12.15 million KRW to a maximum of 31.5 million KRW, and the monthly rent is set between approximately 160,000 and 410,000 KRW.

Even for the same area, the amount varies according to the income level of the applicant. The initial contract period is two years, but if renewal conditions are maintained, it can be renewed every two years, allowing a maximum residence period of six years.

Eligibility requirements as of the announcement date, October 5, include: single creative entrepreneurs or prospective startup founders aged 19 to 39 (born between October 6, 1980, and October 5, 2001) residing in Seoul; members of a household with two or fewer people without home ownership; and meeting all income criteria of 70% or less of the previous year's average monthly income for urban workers per household (1.851603 million KRW for a single-person household).

Applicants will be selected based on a two-step process: first, qualification screening, and second, document review, with selection in order of highest scores. Winners will be announced on January 5 next year on the district office website and notified individually via text message. Move-in is scheduled to begin in February next year.

Those wishing to apply should check eligibility and required documents through the announcement posted on the district office website and apply by email (hjhj1205@nowon.go.kr) from October 14 to 20. To prevent COVID-19 infection, applications will only be accepted via email.

More detailed information, including photos of the housing exterior, floor plans, and interior video tours, is posted on the district office website.

For inquiries, contact the district office’s Child and Youth Division for guidance.

Following a tripartite agreement signed in July between Nowon-gu, Seoul National University of Science and Technology, and SH Seoul Housing and Communities Corporation to support young entrepreneurs, the district plans to provide residents with startup-related education, prototype production, mentoring, and startup redesign programs in connection with the SeoulTech Startup Education Center.

District Mayor Oh Seung-rok said, “I am pleased to provide both housing and startup spaces to young people who are experiencing more severe employment difficulties than usual due to COVID-19,” and added, “We will continue to do our best to build a foundation for youth entrepreneurship and create jobs so that young people can fully devote their passion.”

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