'HUG Dundeun Jeonse Housing' Phase 1 Tenant Recruitment Average Competition Rate 89 to 1

2144 Applications from 24 Households in Seoul, Bucheon, etc.
Monthly Recruitment at Month-End... Sequential Expansion of Supply Volume

The Housing and Urban Guarantee Corporation (HUG) Dundeun Jeonse Housing completed its first tenant recruitment with an average competition rate of 89 to 1.

HUG announced on the 12th that a total of 2,144 applicants applied for 24 households during the two-week recruitment period for Dundeun Jeonse Housing from the 24th of last month to the 7th of this month.

HUG Dundeun Jeonse Housing is a public rental housing program where HUG repays the jeonse deposit to tenants on behalf of landlords (subrogation) and directly bids on houses put up for auction to supply them to households without homes. The recruitment scale this time was 10 households in Seoul and 14 households in Bucheon. Seoul recorded an average competition rate of 165 to 1 with 1,654 applicants, and Bucheon recorded 35 to 1 with 490 applicants.

HUG plans to announce the winners on the 21st through a random draw among applicants who meet the eligibility criteria. The results can be checked on the 'HUG Safe Jeonse Portal.' Winners will inspect the houses themselves, decide whether to move in, and proceed with follow-up procedures such as contract signing, with move-ins starting sequentially from early next month.

Starting with the first tenant recruitment announcement, HUG plans to recruit tenants at the end of every month. The second tenant recruitment will be held for two weeks from the 30th of this month to the 13th of next month. The supply volume will also be gradually expanded. Since the project started in May, HUG has acquired a total of 1,026 houses through auctions as of last month. HUG plans to increase the number of rental houses available each month by securing ownership and carrying out repairs on the acquired houses.

Yoo Byung-tae, president of HUG, said, "Dundeun Jeonse Housing seems to have attracted many applicants without homes because it allows long-term residence in preferred areas of Seoul and the metropolitan area with relatively low deposits without worries about jeonse fraud." He added, "We will do our best to continuously expand the supply of Dundeun Jeonse Housing to ensure housing stability and reduce housing cost burdens for low-income households without homes."

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