First Quarter Seoul Monthly Rent Transactions Surpass 20,000 for the First Time... Is the Shift from Jeonse to Monthly Rent Accelerating?
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[Asia Economy Reporter Kim Min-young] In the first quarter of this year, the proportion of monthly rent in apartment lease transactions in Seoul reached 40%. As the second year of the implementation of the Lease 3 Act approaches the end of July this year, concerns are rising that the "jeonse-to-monthly rent" trend is accelerating.
According to the Seoul Real Estate Information Plaza on the 15th, among the 55,796 apartment lease transactions concluded in Seoul in the first quarter of this year, 21,278 transactions involved some form of monthly rent. The proportion of monthly rent transactions was 38.8%, up 4.2 percentage points from 34.6% in the first quarter of last year. This indicates that the phenomenon of jeonse turning into monthly rent is accelerating.
This is the first time since Seoul began compiling related statistics in 2011 that the volume of apartment monthly rent transactions in the first quarter exceeded 20,000. Last year, the volume of monthly rent transactions for Seoul apartments reached a record high of 75,779. If the current trend continues, it is highly likely that this year's figure will surpass last year's record.
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Looking at the monthly rent transactions for Seoul apartments in the first quarter of this year, quasi-monthly rent accounted for 52.8% (11,234 cases) of the total, followed by quasi-jeonse (43.9%, 9,349 cases), and monthly rent (3.3%, 695 cases). Monthly rent is classified according to the size of the deposit into monthly rent (less than 12 months of monthly rent), quasi-monthly rent (an intermediate area between monthly rent and quasi-jeonse), and quasi-jeonse (exceeding 60% of the jeonse deposit). It is analyzed that tenants are more attracted to monthly rent, which has a lower burden of preparing a large sum of money due to rising jeonse prices.
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