Commercial Lease Tenants Benefit... Mapo-gu Urges Cooperation to Restrain Rent Increases

Mapo-gu Launches Fair Trade Campaign for Commercial Rent in Hongdae Red Road and Yeonnam Kkirikkiri-gil Shopping Districts on the 31st
Mapo-gu Operates Fair Trade Commercial Rent Consultation Center... Increasing Inquiries on Rent Adjustment and Consultation
Park Gang-su, Mayor of Mapo-gu, Emphasizes Cooperation to Maintain Appropriate Rent Levels for Sustainable Commercial District Development and Mutual Growth

Mapo-gu (Mayor Park Gang-su) conducted a ‘Fair Trade Campaign for Commercial Rent’ on July 31, urging cooperation to refrain from raising commercial rents at Hongdae Red Road and Yeonnam-dong Kkirikkiri-gil.

The campaign was attended by about 100 people, including Park Gang-su, Mayor of Mapo-gu, local merchant associations, and certified real estate agents from the Korea Association of Realtors Mapo Branch.

This was prompted by the emergence of a trend of rising commercial rents as specialized commercial districts such as Hongdae Red Road, Hapjeong-dong Sky Road, and Yeonnam-dong Kkirikkiri-gil, which began development last year, became fully active.

Rapid increases in commercial rents cause gentrification, where existing tenants cannot bear the rent burden and leave the commercial area, as well as numerous rent disputes.

In response, the district directly visited popular local commercial areas to conduct a campaign urging restraint in rent increases for sustainable commercial development, and from the 17th, also launched the newly established ‘Fair Trade Consultation Center for Commercial Rent.’

The Fair Trade Consultation Center for Commercial Rent (located on the 2nd floor of Mapo-gu Office, Real Estate Information Division) offers free one-on-one in-person and telephone consultations on weekdays from 1:30 PM to 5:30 PM with professional counselors holding certified real estate agent licenses.

Main consultation topics include ▲ drafting commercial lease contracts ▲ appropriate rent consultation ▲ contract renewal and termination ▲ key money recovery and related matters.

A representative of the consultation center stated, “In the two weeks since opening, numerous phone and in-person consultations have been conducted regarding rent increase adjustments and contract renewal requests,” adding, “There has been particularly strong response from tenants who urgently needed advice on commercial rent disputes or appropriate rent levels.”

Park Gang-su, Mayor of Mapo-gu, said, “For sustained vitality from commercial district development, cooperation between Mapo-gu and local commercial landlords to maintain reasonable rent levels is most important,” and added, “We will continue to devote all efforts to fostering a local commercial district where landlords, tenants, and citizens who enjoy Mapo-gu’s commercial areas can all prosper together.”

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