Half the Market Price with 6 Years Residency... 6,400 Rental Homes for Youth and Newlyweds Released

Applicants are being recruited for rental housing targeted at youth and newlyweds, where the market price is half that of nearby areas and residents can live stably for up to six years.

The Ministry of Land, Infrastructure and Transport announced on the 30th that starting March 31, 2022, the first round of applicants for purchased rental housing for youth and newlyweds will be recruited across 13 cities and provinces nationwide.

Purchased rental housing for youth and newlyweds is recruited quarterly based on the number of available units, with approximately 21,000 units expected this year (13,000 units in the metropolitan area).

This recruitment volume totals 6,444 units, with 1,828 units for youth and 4,616 units for newlyweds. By region, 4,157 units are in the metropolitan area including Seoul, and 2,287 units are in other regions.

Applications will be accepted starting in April following the recruitment announcement on March 31, and applicants will undergo eligibility verification including income and assets, with move-in expected as early as June.

Youth purchased rental housing is supplied as fully equipped units with home appliances such as refrigerators, washing machines, and air conditioners, reflecting the frequent relocations of youth due to study or employment. Rent is set at 40-50% of market price, allowing residence for up to six years. Applicants are unmarried youth aged 19 to 39 without home ownership, with selection based on income level.

Newlywed purchased rental housing is supplied in two types: Type I (3,176 units), which allows residence in multi-family houses at 30-40% of market price, and Type II (1,440 units), which allows residence in apartments or officetels at 60-80% of market price.

Applicants for newlywed purchased rental housing include newlyweds within seven years of marriage, prospective newlyweds, households raising children under six years old, and general married households (Newlywed Type II).

For more detailed information, please refer to the websites of Korea Land & Housing Corporation, Seoul Housing & Communities Corporation, Incheon Urban Corporation, Gyeonggi Housing & Communities Corporation, and Jeonju City.

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