Seoul One-Room Monthly Rent Average 690,000 Won... 24.3% Increase in One Year

Highest Increase Rate Compared to the Same Month in the Last 10 Years
Jungnang-gu Up 80.2% · Gangbuk-gu Up 74.3%

It was found that to live in a one-room apartment in Seoul with a deposit of 10 million KRW, the average monthly rent is 690,000 KRW. This amount has increased by 24.3% in just one year, marking the highest rise in the past 10 years.

On the 14th, Station3, the operator of the real estate information platform Dabang, analyzed 122,819 monthly rent transactions for one-room apartments (exclusive area of 33㎡ or less) in Seoul's row houses and multi-family houses from August 2013 to August this year, based on actual transaction prices from the Ministry of Land, Infrastructure and Transport. The analysis showed that the average monthly rent in August this year, with a deposit of 10 million KRW, was 690,000 KRW. This represents a 24.3% increase compared to the same month last year (560,000 KRW).

This is the highest year-on-year increase rate in the past 10 years. It is more than four times higher than the second highest rate in 2022 (5.7%). Other years with notable year-on-year rent increases include 2016 (4.4%), 2019 (2.1%), and 2014 (1.6%). Monthly rent decreased only twice, in 2018 and 2020, each time by 1.8%.

Compared to August 2013, ten years ago (490,000 KRW), the average monthly rent for one-room apartments in Seoul has risen by 42.2%, showing a steeper increase than for small to medium-sized housing (exclusive area over 33㎡ up to 66㎡). During the same period, the average monthly rent for small to medium-sized housing rose from 630,000 KRW to 840,000 KRW, an increase of 33.5%.

By district, the highest increases were seen in Jungnang-gu, Gangbuk-gu, Geumcheon-gu, Dongdaemun-gu, and Yongsan-gu. In Jungnang-gu, the average monthly rent rose from 440,000 KRW in August 2013 to 790,000 KRW this year, an 80.2% increase. During this period, Gangbuk-gu increased from 340,000 KRW to 600,000 KRW (74.3%), Geumcheon-gu from 450,000 KRW to 760,000 KRW (68.5%), Dongdaemun-gu from 450,000 KRW to 760,000 KRW (67.8%), and Yongsan-gu from 530,000 KRW to 870,000 KRW (63.3%). Most Seoul districts showed double-digit rent increases, with Nowon-gu being the only district with a single-digit increase, rising from 430,000 KRW to 440,000 KRW (1.1%).

As of August this year, the district with the highest one-room monthly rent was Gangnam-gu, averaging 915,000 KRW. Yongsan-gu (867,000 KRW) surpassed Seocho-gu (3rd place, 854,000 KRW) to rank second. Following were Jungnang-gu (787,000 KRW), Geumcheon-gu (763,000 KRW), Dongdaemun-gu (758,000 KRW), Seongdong-gu (754,000 KRW), Yeongdeungpo-gu (732,000 KRW), Dongjak-gu (728,000 KRW), Gangdong-gu (721,000 KRW), Gwanak-gu (713,000 KRW), and Gangseo-gu (706,000 KRW), all exceeding an average of 700,000 KRW.

Jang Junhyuk, head of marketing at Dabang, said, "With the increasing number of single-person households and the recent issue of reverse jeonse (key money deposit) difficulties overlapping, this year's average monthly rent increase rate stands out. Especially, the rent is rising more steeply for smaller units, raising concerns about the growing housing cost burden for one-room apartment residents."

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