[Exclusive] Jungnang-gu Has 200 Units, Gangnam, Dongjak, and Yongsan-gu Have '0'... Growing Disparity in Youth Rental Housing

949 Households Supplied in Seoul Last Year
Significant Regional Supply Disparities

[Asia Economy Reporter Jang Sehee] The youth rental housing provided by Korea Land and Housing Corporation (LH) has broken the record for the highest competition rate ever, but significant disparities between districts have been revealed. As housing prices in Seoul continue to rise, housing insecurity among young people is intensifying.

According to the '2020 Supply Details of Youth Purchased Rental Housing by Region in the Metropolitan Area' obtained from LH by Asia Economy on the 8th, LH supplied a total of 949 units last year. The largest number of units was supplied in Jungnang-gu (228 units), followed by Dobong-gu with 93 units, Dongdaemun-gu with 85 units, and Gangseo-gu with 77 units. On the other hand, no units were supplied in five districts including Gangnam-gu, Dongjak-gu, Seongdong-gu, Yongsan-gu, and Jongno-gu.

LH supplies youth rental housing at about 40-50% of market prices by purchasing, renovating, and remodeling housing for the residential stability of youth aged 19 to 39, university students, and job seekers.

Outside Seoul, significant disparities were also confirmed in Gyeonggi and Incheon areas. In Gyeonggi Province, 437 units and 108 units were supplied in Siheung and Anseong respectively last year, while 16 areas including Guri-si, Namyangju-si, Goyang-si, Gwangmyeong-si, Gwangju-si, Gunpo-si, Seongnam-si, Uiwang-si, and Hwaseong-si had no youth rental housing supply.

In Incheon, 454 units were supplied in Seo-gu, but none in Gyeyang-gu and Jung-gu. Only two units were supplied in Bupyeong, which has a large floating population.

As housing prices soared, it appears that the supply of youth rental housing provided by the government was also limited.

The competition rate also recorded an all-time high. For the 949 youth purchased rental housing units supplied in Seoul last year, 33,683 people applied, resulting in a competition rate of 35.5:1.

The Ministry of Land, Infrastructure and Transport announced that it increased the number of youth purchased rental housing units from only 6,500 last year to 14,500, but concerns remain that the mismatch is still severe. An LH official explained regarding the supply disparity by district in Seoul, "The five districts in question are areas where market prices are particularly high," adding, "The market prices were higher than the purchase prices, making it impossible to purchase housing."

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