LH to Accept Applications for Youth and Newlywed Purchase Rentals Starting Next Month on the 2nd

Subscription Applications for 2,174 Units Including 815 Youth-Type and 1,359 Newlywed-Type Units

[Asia Economy Reporter Minyoung Kim] LH announced on the 27th that it will begin accepting applications for 2,174 youth and newlywed couple purchase rental housing units starting January 2.

Purchase rental housing refers to public rental housing where LH purchases newly built and existing homes within urban areas and rents them to non-homeowners such as youth and newlywed couples at rental conditions cheaper than market prices. Residents are regularly recruited quarterly every year.

LH supplied 10,974 units through three regular recruitments in the first half of the year, and in this 4th regular recruitment of 2022, a total of 2,174 units will be supplied across 76 cities, counties, and districts nationwide.

By type, △ 815 youth purchase rental housing units (including 56 dormitory units) △ 1,359 newlywed couple purchase rental housing units will be supplied. By region, 919 units are in the Seoul metropolitan area including Seoul, Gyeonggi, and Incheon, and 1,255 units are in other regions.

Youth purchase rental housing is supplied to youth aged 19 to 39, with rental conditions at about 40-50% of nearby market prices.

Newlywed couple purchase rental housing is supplied to couples married within 7 years and prospective newlyweds. It is divided into ‘Newlywed Couple I,’ which supplies multi-family houses at 30-40% of market prices, and ‘Newlywed Couple II,’ which supplies apartments and officetels at 70-80% of market prices.

In the case of Newlywed Couple II, besides (prospective) newlyweds, general married households can also apply. Residents can live in a quasi-jeonse type where 80% of the basic rental condition is paid as a deposit and 20% as monthly rent, reducing the monthly rent burden.

The maximum residence period is up to 6 years for youth purchase rental housing, up to 20 years for Newlywed Couple I purchase rental housing, and up to 6 years for Newlywed Couple II purchase rental housing, with up to 10 years allowed if there are children.

Notably, in this 4th regular recruitment, the conversion ratio between rent and rental deposit for youth (excluding dormitory type) and Newlywed Couple I purchase rental housing has been increased from the existing 60% to 80%, allowing for a higher deposit and further reducing the rent burden.

Additionally, since the supply schedule varies by regional headquarters and type, applicants should check the announcement posted on the LH Application Center for accurate application dates before applying.

The announcement of successful applicants is scheduled for early January next year, and after qualification verification and contract signing, move-in will be possible after the end of February 2023.

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