LH to Open Applications for 5,000 Youth and Newlywed Purchase Rental Housing Units on July 2

Recruitment of 1,391 Youth-Type, 674 Dormitory-Type, and 3,127 Newlywed Couple-Type Households
Subscription Applications Start from Next Month 2, Housing Move-In Begins in September According to Move-In Order

[Asia Economy Reporter Jo Gang-wook] Korea Land and Housing Corporation (LH) announced on the 30th that it will begin accepting applications from July 2 for the second round of 2021 youth and newlywed purchase rental housing tenants.

'Purchase rental housing' refers to public rental housing where LH purchases existing houses in urban areas, renovates or reconstructs them, and rents them out to non-homeowners such as youth and newlyweds at rental conditions cheaper than market prices. Tenants are regularly recruited every quarter.

Through the first regular recruitment held in March, LH supplied 5,264 units of youth and newlywed purchase rental housing, and in this second regular recruitment, a total of 5,192 units will be supplied across 76 cities, counties, and districts nationwide.

By type, △ 1,391 units of youth purchase rental housing △ 674 units of dormitory-type purchase rental housing △ 3,127 units of newlywed purchase rental housing will be supplied. By region, 3,499 units are in the Seoul metropolitan area including Seoul, Gyeonggi, and Incheon, and 1,693 units are in other regions.

'Youth purchase rental housing' is supplied to youth aged 19 to 39, with rental conditions at about 40-50% of nearby market prices. 'Dormitory-type youth housing' is supplied to university students to address the shortage of university dormitories. Rental conditions are about 40% of nearby market prices, with a very low deposit of 600,000 KRW. Additionally, youth and dormitory-type purchase rental housing are supplied equipped with home appliances such as refrigerators, washing machines, and air conditioners, reflecting the demand of youth who frequently move due to studies or employment.

'Newlywed purchase rental housing' is supplied to newlyweds within seven years of marriage and prospective newlyweds. It is divided into 'Newlywed I,' which supplies multi-family houses at 30-40% of market prices, and 'Newlywed II,' which supplies apartments and officetels at 70-80% of market prices. Notably, Newlywed II is also open to general married households and offers a quasi-jeonse type where 80% of the basic rental condition is paid as a deposit and 20% as monthly rent, reducing the monthly rent burden.

The maximum residence period is up to 6 years for youth and dormitory types, up to 20 years for Newlywed I, and up to 6 years for Newlywed II, with up to 10 years allowed if there are children.

Applications are possible if the applicant meets the non-homeowner requirement and income and asset criteria among eligible tenants. The non-homeowner requirement and income and asset criteria vary by housing type. However, there is no separate asset criterion for the dormitory type. Housing is supplied by city, county, district, or housing cluster units, and applicants can apply for only one housing unit. However, for newlywed types, if both I and II are applied for, only the Newlywed II application is recognized.

The recruitment schedule for youth and dormitory types is △ application acceptance (July 2-6) △ announcement of document submission candidates (July 8) △ document submission (July 9-13) △ announcement of tenant order (August 19). For newlywed types, it is △ application acceptance (July 2-8) △ announcement of document submission candidates (July 12) △ document submission (July 15-20) △ announcement of tenant order (September 3).

An LH official said, "We expect youth and newlywed purchase rental housing to be a reliable housing ladder for university students, young workers, and newlyweds, and we will continue to do our best to ensure housing stability for various demand groups throughout their life cycles."

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