Recruitment of First Tenants for 6,682 Youth and Newlywed Purchase Rental Housing Units This Year

Recruitment Nationwide in 16 Cities and Provinces Starting from the 5th of Next Month

[Image source=Yonhap News]

[Asia Economy Reporter Moon Jiwon] The Ministry of Land, Infrastructure and Transport announced on the 25th that from the 5th of next month, it will recruit the first round of tenants this year for purchase rental housing for youth and newlyweds in 16 cities and provinces nationwide.

The total number of units available is 6,682, with 2,246 units for youth and 4,436 units for newlyweds. Of these, 4,723 units will be supplied in the metropolitan area and 1,959 units in provincial areas. If applications are submitted next month, move-in will begin from May.

Starting this year, the eligibility criteria for purchase rental housing for youth and newlyweds will be expanded.

Income standards will be raised considering the increase in average age of one- and two-person households and the resulting income growth. For one-person households, an additional 20 percentage points will be applied, and for two-person households, an additional 10 percentage points.

To provide housing support to more married households, a 4th priority was introduced in the Newlywed Couple Type II category. Accordingly, married households whose children are older than six years or who have been married for more than seven years can now also move into purchase rental housing.

Youth purchase rental housing supplies air conditioners, refrigerators, washing machines, etc. (2,246 units) considering the housing characteristics of youth who move frequently for job preparation, and the rent is set at 40-50% of market price.

Newlywed purchase rental housing is supplied in Type I (3,131 units), where residents can live in multi-family houses at 30-40% of market price, and Type II (1,305 units), where residents can live in apartments or officetels at 60-70% of market price.

Purchase rental housing for youth (1,611 units) and newlyweds (3,648 units) recruited by Korea Land and Housing Corporation (LH) can be checked through the announcement posted on the LH subscription center website after the 26th.

Newlywed Type I purchase rental housing (388 units) recruited by Seoul Housing and Communities Corporation (SH) will be announced on the website in early next month, and youth purchase rental housing (150 units) announcements will be available in June.

Jung Suho, Director of the Public Housing Support Division at the Ministry of Land, Infrastructure and Transport, said, "This year, we plan to secure a total of 54,000 purchase rental housing units and supply them sequentially," adding, "Among these, about 30,000 units will be allocated for youth and newlyweds to help alleviate the housing burden of young people struggling due to COVID-19, and we will do our best to support them."

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