LH to Supply 3,773 Rental Houses for Youth and Newlyweds... Applications Open from the 3rd

Korea Land and Housing Corporation (LH) announced on the 2nd that subscription applications for the second round of tenant recruitment this year will begin on the 3rd.

Purchased rental housing refers to public rental housing where LH purchases homes within urban areas and rents them out to non-homeowners such as young adults and newlyweds at rental conditions cheaper than market prices. Tenants are recruited quarterly every year.

Exterior view of newlywed couple purchase rental housing in Gangbuk-gu, Seoul. [Photo by LH]

In this regular recruitment, a total of 3,773 households will be supplied nationwide. By type, there are 1,555 youth purchased rental units (including dormitories) and 2,218 newlywed purchased rental units.

By region, the metropolitan area including Seoul (529 households), Gyeonggi (925 households), and Incheon (393 households) accounts for 1,847 households, while other regions account for 1,926 households.

Youth purchased rental housing is supplied to young adults aged 19 to 39, with rental conditions at about 40-50% of nearby market prices. Reflecting the demand of young people who frequently move due to reasons such as study or employment, these units are supplied equipped with home appliances such as refrigerators, washing machines, and air conditioners.

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

In the case of Newlywed II, general married households as well as newlyweds (including prospective) can 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 rental burden.

The maximum residence period is up to 6 years for youth purchased rental housing, up to 20 years for Newlywed I purchased rental housing, and up to 6 years for Newlywed II purchased rental housing, which can be extended to 10 years if there are children.

Subscription applications are possible if the applicant meets the non-homeowner requirement and income and asset criteria, with tenant eligibility varying by type. Subscription applications start on July 3rd, and since the deadline differs by regional headquarters, applicants must individually check the tenant recruitment announcements. Winners will be announced in mid-August. After verifying eligibility and signing contracts, tenants can move in after late August.

Ha Seung-ho, Head of LH National Housing Welfare Headquarters, said, “We expect LH purchased rental housing to be a reliable home for young people and newlyweds who are struggling to secure housing,” and added, “We will continue to do our best to stabilize housing for various demand groups.”

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