Yangju City to Implement 'Housing Lease Reporting System' from Next Month 1st... One-Year Guidance Period Planned

"Renewal contracts without changes in contract amount are excluded"

[Asia Economy Reporter La Young-cheol] Yangju City, Gyeonggi Province announced on the 22nd that starting June 1, it will implement the "Housing Lease Reporting System," which requires parties to a housing lease contract to mandatorily report key contract details such as rent and lease period when concluding a lease agreement.

According to the city, the Housing Lease Reporting System is a measure designed to assist rational decision-making during lease contracts by transparently disclosing information about the lease market.

Accordingly, for housing lease contracts where the deposit exceeds 60 million won or the monthly rent exceeds 300,000 won, the parties must report the key contract details within 30 days from the date of contract conclusion.

The system also applies when contract terms are changed or canceled, but excludes renewal contracts where there is no change in contract amount.

The city will impose a fine of up to 1 million won for failure to report or false reporting, but considering the adaptation period for the general public due to the introduction of the new system, a guidance period will be operated for one year from the implementation date.

Lease reporting can be done by visiting the administrative welfare center of the relevant eup, myeon, or dong where the housing is located, or online through the Real Estate Transaction Management System.

In particular, if the lease contract is attached when registering a change of residence, a confirmed date will be automatically assigned simultaneously with the lease contract report, thereby guaranteeing the tenant's rights.

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