Busan Urban Corporation, Ongoing Recruitment for Newlywed and Newborn Purchase-Lease Housing
Eased Residency Requirements, Enhanced Housing Stability for Prospective Newlyweds and Single-Parent Households
Busan Metropolitan Corporation (BMC) announced on the 4th that since May, it has been continuously accepting applications for newlywed and newborn purchase-rental housing for prospective newlyweds, single-parent families, and married households who are struggling to secure housing.
Purchase-rental housing refers to public rental housing where Busan Metropolitan Corporation purchases existing homes in urban areas, renovates them, and rents them out at prices lower than the market rate. BMC acquires about 200 units each year and currently manages a total of 2,869 units. Among these, there are 90 units designated as newlywed and newborn purchase-rental housing, which are located throughout Busan, including Geumjeong-gu, Dongnae-gu, Busanjin-gu, and Suyeong-gu.
Newlywed and newborn purchase-rental housing is available at around 70% of the market rent, and households with children can reside for up to 14 years. Detailed information regarding the area, rental conditions, and application process for each unit currently being recruited by BMC can be found in the announcement posted on the Busan Metropolitan Corporation website.
BMC is easing the eligibility criteria (from within 7 years of marriage to no restrictions) in response to the declining marriage rate among young people and the low birth rate, as well as to reduce the housing cost burden for newlyweds and married households. In addition, BMC is actively pursuing customized supply through ongoing recruitment of tenants.
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Kim Yonghak, President of Busan Metropolitan Corporation, stated, "The newlywed and newborn purchase-rental housing supplied by BMC is high-quality housing located in areas with excellent transportation accessibility, suitable for households with two or more members. We hope this will help stabilize housing for newlywed and married households without homes," and added, "We will continue to strive for housing stability for Busan citizens through customized housing supply for various groups."
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