LH to Supply 75,000 Rental Housing Units in the Second Half of This Year

Supply of 75,284 Public Rental Housing Units Including Construction, Purchase, and Jeonse Lease for National Housing Stability
Government Continues to Implement Jeonse Measures, Fully Committed to Enhancing Customer Satisfaction through Deposit Relaxation and Expanded Living Support

Seoul LH Seocho 3 Complex Apartments (National, Permanent, Long-term Jeonse) / Provided by LH.

[Asia Economy Reporter Kangwook Cho] Korea Land and Housing Corporation (LH) announced on the 27th that it will supply 75,284 rental housing units nationwide in the second half of this year to implement government policies such as the Housing Welfare Roadmap and to realize housing stability for the public.

LH supplied 56,773 rental housing units of various types, including construction, purchase, and jeonse rental, by the first half of this year as part of its total plan to supply 132,000 rental housing units in 2024.

In particular, under the 'Support Measures for Housing Stability for Low-income and Middle-class (Jeonse Measures)' aimed at early stabilization of the jeonse market, LH has been promoting the supply of 15,000 units of the newly introduced ‘Vacant Unit Utilization Jeonse-type Rental Housing,’ 1,600 units of ‘Public Jeonse Housing,’ and 2,300 units of ‘Newly Built Purchase Agreement’ rental housing.

Starting from July, a total of 75,284 housing units will be supplied nationwide. By housing type, there will be 29,686 units of ‘Construction Rental’ including National, Permanent, and Happy Housing, 29,311 units of ‘Purchase Rental,’ and 16,287 units of ‘Jeonse Rental.’

By region, 41,786 units will be supplied sequentially in the metropolitan area including Seoul, Gyeonggi, and Incheon where demand is highest, and 33,498 units will be supplied in metropolitan cities and other regions.

Supply of 23,000 units will also be promoted to continue the implementation of the ‘Jeonse Measures’ announced last year.

Specifically, 5,841 units of ‘Public Jeonse,’ which rents spacious and comfortable housing in urban areas for up to six years without separate income or asset requirements, 12,657 units of ‘Newly Built Purchase Agreement,’ where LH directly participates in major construction processes to improve rental housing quality by purchasing and renting, and 4,500 units of ‘Non-residential Remodeling,’ which remodels non-residential urban facilities such as goshiwon (small rooms) and lodging facilities to supply to youth and single-person households, will be supplied.

At the end of the year, the ‘Integrated Public Rental Housing’ will be piloted for the first time in Korea. This integrates Permanent, National, and Happy Housing into one, unifying previously different income and asset criteria by type, making it easier for applicants to apply for rental housing. The pilot project is scheduled to supply about 1,100 units in two complexes within Gwacheon Knowledge Information Town and Namyangju Byeollae project districts.

‘Public Rental Housing’ is housing provided at prices lower than market rates using fiscal and Housing and Urban Fund resources to stabilize the living and improve the housing level of vulnerable groups, characterized by the ability to live stably for a long period if eligibility requirements are met.

‘Permanent Rental’ prioritizes selecting eligible recipients such as livelihood and medical benefit recipients and national veterans, supplying housing at about 30% of market price, while ‘National Rental’ provides a stable living base at about 60-80% of market price to those meeting separate income and asset criteria.

‘Happy Housing’ supplies rental housing close to workplaces for young demand groups, providing a housing ladder for social advancement, and allows entry if applicants meet the qualifications and income and asset criteria for each type such as university students, youth, and newlyweds.

‘Purchase and Jeonse Rental’ provides housing by purchasing existing houses for low-income groups to live in their current living areas (purchase rental) or by LH contracting and re-renting houses selected by the applicant (jeonse rental), both allowing stable residence for up to 20 years.

LH will reduce the contract deposit for all construction rental housing (National, Permanent, Happy Housing) supplied from the second half of this year to ease the initial cost burden for vulnerable groups who have difficulty preparing the deposit. Accordingly, the contract deposit for National, Permanent, and Happy Housing will be lowered to 5% to facilitate smooth move-in. (Previously, National and Permanent were 20%, Happy Housing 10%)

After moving in, enhanced housing and living services will be provided through collaboration with various specialized institutions. Services currently implemented include ‘Visiting Job Counseling and Employment Connection Service’ to alleviate employment difficulties caused by the prolonged COVID-19 pandemic, and ‘Mental Health Counseling Service’ to identify residents needing psychological and mental support and provide counseling and treatment. From this year, these services will be selectively expanded to rental complexes nationwide.

For detailed information on supply target project districts, quantities, and application schedules, please refer to the announcements posted on the LH Application Center or contact the LH Call Center.

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