Recruiting Students for 'Half-Price Dormitory' with 1 Million Deposit and 250,000 Won Monthly Rent

Half-Price One-Room Apartments Seongdong Hanyang Sangsaenghaksa, Recruiting Tenants for New Semester... Recruiting 34 Students for Seongdong Hanyang Sangsaenghaksa... Public-Private-Academic Collaboration Created Half-Price One-Rooms, Low Rent and Proximity Yield High Satisfaction for Both Tenants and Landlords

Students residing in 'Seongdong Hanyang Win-Win Dormitory'

[Asia Economy Reporter Jongil Park] Seongdong-gu (Mayor Jeong Won-oh) is recruiting 34 residents for the ‘Seongdong Hanyang Sangsaeng Dormitory 2022’ from the 11th to the 16th.

Now in its fourth year of operation, the Sangsaeng Dormitory is a ‘half-price dormitory’ that has housed a total of 76 youth households since its nationwide pilot operation in March 2019.

Students can use it with a deposit of 1 million KRW and a monthly rent of 250,000 KRW, while landlords (local residents) are guaranteed stable income.

The Sangsaeng Dormitory was promoted based on a ‘win-win agreement’ formed by Hanyang University, local residents of Sagun-dong near Hanyang University, Seongdong-gu Office, and Korea Land & Housing Corporation (LH) to stabilize youth housing, after conflicts arose between the university and local residents operating one-room apartments near Hanyang University following the university’s announcement in 2015 to build dormitories accommodating about 1,000 people.

Accordingly, LH Corporation supports a deposit of 29 million KRW with an annual 1% loan using the Housing and Urban Fund, and Seongdong-gu and Hanyang University share the monthly housing cost of 150,000 KRW, each contributing 75,000 KRW.

The district office, which adjusted the income bracket selection criteria (from 3rd to 5th quintile) and accepted students’ grade restriction opinions (from 3.0 or higher to 2.5 or higher), and has been promoting continuous communication with users, actively expanded youth housing solutions by adding the 2nd, 3rd, and 4th branches (13 spaces) in July.

Through a satisfaction survey conducted at the end of last year on resident students and landlords, the district confirmed that students showed high satisfaction due to low rent and close commuting distance, and owners were highly satisfied because there were no real estate brokerage fees and no vacancies. The district plans to actively strive to secure suitable buildings considering location conditions and expand the Sangsaeng Dormitory.

The residence period of the Sangsaeng Dormitory is one year, from March this year to February next year, aligned with the new semester start. The selection criteria are applicants in the 0 to 5 income quintiles eligible for the 2022 first semester national scholarship, with a final semester scholarship GPA of 2.5 or higher, and both parents residing outside the Seoul area.

Jeong Won-oh, Mayor of Seongdong-gu, stated, “The Seongdong Hanyang Sangsaeng Dormitory has been successfully established through years of operation,” and added, “We will continue to actively cooperate with LH Corporation and Hanyang University to solve youth housing issues and foster a regional culture of coexistence with local residents.”

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