Recruitment of 14,000 Tenants for Public Rental Housing with 80% Market Price Jeonse Type

The interior of a duplex unit in the Dongtan public rental housing complex, commemorating 1 million LH rental homes, located in Hwaseong-si, Gyeonggi Province, which President Moon Jae-in visited on the 11th [Image source=Yonhap News]

[Asia Economy Reporter Moon Jiwon] The Ministry of Land, Infrastructure and Transport and Korea Land & Housing Corporation (LH) announced on the 20th that they will begin the tenant recruitment announcement for jeonse-type public rental housing starting from the 21st, in accordance with the 'Support Measures for Housing Stability for Low-income and Middle-class' announced on the 19th of last month.

The recruitment scale is a total of 14,299 units, with 4,554 units in the metropolitan area and 9,745 units in other regions. Specific locations, sizes, and rents can be checked through the tenant recruitment announcement posted on the LH subscription center website or via the LH call center. The rent for jeonse-type public rental housing is about 80% of the surrounding market price.

Seoul Housing and Communities Corporation (SH) is sequentially supplying a total of 5,586 units in Seoul from the 3rd to the 30th of this month.

Jeonse-type public rental housing does not require income or asset qualifications, so any member of a household without homeownership can apply.

Until now, the government has supplied public rental housing to low-income groups urgently needing housing support based on income and asset qualifications. The jeonse-type public rental housing supplied this time is the remaining vacant units supplied without considering income or asset qualifications.

However, to ensure that the housing opportunities for low-income groups are not reduced, if competition for tenancy occurs in the application area or complex, tenants with lower income will be prioritized.

The first priority is recipients of livelihood benefits, the second priority is those with income below 50% or persons with disabilities (income below 70%). The third priority is those with income below 100%, and the fourth priority is those who do not fall into the first to third priorities.

Tenants can reside for a basic period of 4 years, and if there are no waiting tenants, the lease can be extended for 2 years.

Specific rent levels are about 70-75% of market price for tenants with last year's urban worker average monthly income below 100%, and about 80% of market price for tenants exceeding 100% income.

Up to 80% of the rent can be paid as a deposit, and the remaining 20% is paid as monthly rent calculated considering the jeonse-to-monthly rent conversion rate.

Applications for tenancy will be accepted for 3 days from January 18 to 20 next year. Applicants can apply for their desired area or complex through the LH subscription center.

The Ministry of Land, Infrastructure and Transport stated, "We will strive to supply jeonse-type public rental housing quickly and affordably nationwide to alleviate the housing concerns of those burdened with securing jeonse homes."

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