Ministry of Land, Recruitment of 7,000 Tenants for Purchase and Jeonse Rental Housing for Youth and Newlyweds

From the 24th of this month, 4,000 units will be recruited for purchase rental; 3,000 units for jeonse rental scheduled for July recruitment

[Asia Economy Reporter Kim Min-young] The Ministry of Land, Infrastructure and Transport announced on the 23rd that starting from the 24th, the '2022 2nd Tenant Recruitment' for youth and newlywed purchase rental housing will begin in 16 cities and provinces nationwide. In July, tenants for youth jeonse rental housing (2nd priority) will be recruited in 17 cities and provinces nationwide.

The purchase rental housing consists of 2,297 units for youth and 1,861 units for newlyweds, totaling 4,158 units. Youth and newlyweds who apply for tenancy this time can move in as early as the end of August after qualification verification.

Jeonse rental housing will be recruited for a total of 3,000 units targeting youth after July 18, and after income and asset qualification verification, selections are expected to be made as early as early October.

Youth purchase rental housing is equipped with air conditioners, refrigerators, washing machines, etc., considering the housing characteristics of youth who move frequently for job preparation and proximity to work, and tenants can live for up to six years at a low rent of 40-50% of the market price. The move-in order is determined based on income level for unmarried youth without housing (aged 19-39).

Newlywed purchase rental housing is supplied in two types: Type I (1,027 units), where tenants can live in multi-family houses at 30-40% of market price, and Type II (834 units), where tenants can live in apartments or officetels at 60-80% of market price. Newlywed purchase rental housing is available not only to newlyweds and prospective newlyweds within seven years of marriage but also to households raising children under six years old and general married households (Newlywed II).

The 2nd priority youth jeonse rental housing applicants are youth whose combined monthly average income of themselves and their parents is 100% or less of the urban worker's monthly average income. The support limit is 120 million KRW in the metropolitan area, 95 million KRW in metropolitan cities, and 85 million KRW in other regions. Among this, the deposit paid by the tenant is 1 to 2 million KRW, and an annual interest rate of 1-2% on the deposit is charged as monthly rent.

The tenant recruitment schedule and supply volume by public rental housing operators are as follows. For youth (1,137 units) and newlywed (1,361 units) purchase rental housing recruited by the Korea Land and Housing Corporation, detailed information can be found on the Korea Land and Housing Corporation subscription center website and the My Home call center after the 24th.

Specific eligibility and other details for youth and newlywed purchase rental housing (1,660 units) recruited by Seoul Housing and Communities Corporation, Incheon Urban Corporation, and Busan Urban Corporation can be found in the announcements posted on each institution's website.

For jeonse rental housing, detailed information can be found in the announcements posted on the Korea Land and Housing Corporation subscription center website and the My Home call center after the recruitment date.

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