LH Announces Recruitment for 579 Public Jeonse Housing Tenants

Market price at 80~90% level, no income or asset criteria, any member of a non-homeowner household can apply
Usable area 56~116㎡, rental deposit around 120 million to 430 million KRW
Regional subscription applications from May 9, winners announced from June, move-in starts in July

View of Magok Noblian in Gangseo, Seoul.

[Asia Economy Reporter Kangwook Cho] Korea Land and Housing Corporation (LH) announced that it will begin the first public rental housing tenant recruitment announcement of 2022 starting from the 28th.

Public rental housing, newly supplied since last year, offers the advantage of stable residence for up to six years without monthly rent by paying a rental deposit at 80-90% of the market jeonse price. In the three tenant recruitments held last year in April, September, and December, a total of 857 units were supplied, with 19,731 applicants, showing an average competition rate of 23 to 1.

This time, a total of 579 units will be supplied, with 491 units in the metropolitan area including Seoul, Incheon, and Gyeonggi, and 88 units in provincial areas such as Busan, Daegu, and Daejeon. The actual usable area per unit (exclusive area + balcony extension area) ranges from 56㎡ to 116㎡, and the rental deposit is approximately 120 million to 430 million KRW.

Applications for housing are possible if the applicant is a member of a household without homeownership as of the announcement date. In particular, since there are no separate income or asset criteria, it is expected to help various classes such as low-income and middle-class secure a stable residential foundation.

Applicants can only apply within the recruitment area where their registered residence is located according to their resident registration certificate, and the principle is one household, one house per announcement. Applications outside the residence recruitment area will be invalid. Households with three or more members can apply as first priority, and those with two or fewer members can apply as second priority.

Housing applications can be submitted online through the LH subscription center or by mail starting from the 9th, depending on the region. To prevent the spread of COVID-19, in-person applications and submissions are not allowed. The announcement of successful applicants will be made after June, and contracts will be sequentially signed starting in July. Residents can move in after paying the balance within the designated move-in period (90 days) following the contract.

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