Gyeongju City to Supply 71 'Youth Rental Houses' This Year... Monthly Fee 50,000 Won

Gyeongju City will supply 71 units of ‘Youth Rental Housing’ this year.

This project is designed to create housing stability and attract young people to Gyeongju by directly leasing or purchasing buildings located in convenient areas of Gyeongju city for transportation and daily life, charging residents a certain usage fee, and providing housing for youth and newlyweds.

Gyeongju City Hall.

Gyeongju City plans to carry out the project with a budget of 3.5 billion KRW using two methods: rental type (50 units) and purchase type (21 units). The rental type youth rental housing leases existing buildings and subleases them to young people. The purchase type youth rental housing involves purchasing a multi-family house, remodeling it, and then providing it to young people.

The purchase type rental housing includes not only residential facilities but also prototype and exhibition spaces for young entrepreneurs on the first floor, as well as a complex cultural space where residents can freely communicate and share information.

Residents are responsible for a monthly usage fee of 50,000 KRW (per person) as well as public utility charges such as electricity and gas. They can reside for two years, with the possibility of a one-time extension for an additional two years. Eligible residents are single-person households aged 19 to 39 without housing, and newlyweds who have their resident registration in Gyeongju City with a median income of 150% or less.

Gyeongju City plans to complete administrative procedures such as consultations on establishing social security systems and enacting related ordinances by April this year, recruit and select residents in May to June, and enable move-in by July. Additionally, the city plans to apply for youth housing-related public projects from various ministries to supply about 100 more units in the future.

Mayor Ju Nak-young of Gyeongju said, “Due to the current rise in housing prices and interest rates, it is very difficult for young people to secure housing. We will strive to continuously expand youth housing spaces so that young people can reduce their housing cost burdens and focus on their studies and job preparation without worrying about housing.”

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