LH to Supply 2,753 Rental Units for Youth and Newlywed Couples... Applications Open from the 3rd

Korea Land and Housing Corporation (LH) announced that subscription applications for the ‘2023 4th Youth and Newlywed Couple Purchase Rental Housing Tenant Recruitment,’ conducted in December last year, will begin on the 3rd.

Youth purchase rental housing located in Jongno-gu, Seoul. [Photo by LH]

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

This recruitment includes a total of 2,753 units: 1,130 units of youth purchase rental housing and 1,623 units of newlywed couple purchase rental housing. By region, 1,266 units are in the metropolitan area including Seoul, Gyeonggi, and Incheon, and 1,487 units are in other regions.

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

In particular, youth purchase rental housing is supplied equipped with home appliances such as refrigerators, washing machines, and air conditioners, reflecting the demand of young people who frequently move due to reasons such as study or employment.

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

In the case of Newlywed Couple II, general married households as well as newlywed couples (including prospective ones) can apply. It features 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 10 years for youth purchase rental housing, up to 20 years for Newlywed Couple I purchase rental housing, and up to 10 years for Newlywed Couple II purchase rental housing, which can be extended up to 14 years if there are children.

Subscription applications are possible if the applicant meets the non-homeowner requirement and income and asset criteria, with entry standards varying by type. Since supply schedules differ by regional headquarters and type, applicants should check the announcement posted on LH Subscription Plus for accurate schedules before applying.

Ko Byung-wook, Head of LH National Housing Welfare Headquarters, said, "LH purchase rental housing will be a reliable home for youth and newlywed couples struggling to secure stable housing," adding, "We will continue to do our best to ensure housing stability for various demand groups."

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