Seoul City Leads Rental Fraud Prevention with Tailored Real Estate Education for Youth and International Students

2030 Generation Accounts for 75% of Rental Fraud Cases
Education on Real-Life Cases and Contract Checklist Provided

On September 16, the Seoul Metropolitan Government announced that it will conduct "Real Estate Education Tailored for Youth" to help young people and both domestic and international students understand the procedures of monthly and yearly rental contracts on their own and prevent rental fraud.

According to data from the Ministry of Land, Infrastructure and Transport, as of July, the cumulative number of rental fraud cases stood at 31,437, with approximately 75%, or 23,673 cases, involving the 2030 generation-mainly young professionals and university students.

In response, the city will collaborate with Seoul Housing & Communities Corporation to provide education tailored to young people, including real-life case studies of fraud and key points to check during the contract process. The lectures will be conducted by popular YouTuber Son Heeae, who has 110,000 subscribers, among others.

The checklist includes: "Before signing the contract," verifying market prices, checking for unregistered real estate agencies, confirming whether the landlord has any unpaid taxes, understanding the advantages of using the Real Estate Electronic Contract System, recommending the use of the standard housing lease contract, verifying registration documents, confirming the moving-in notification and fixed date, and checking whether previous tenants have moved out.

In consideration of the increasing number of cases where young people are unable to recover their deposits, preventive education will also be provided. To prevent such incidents, prospective tenants will be advised to reconfirm whether they have subscribed to deposit insurance and to check for any collateral mortgages or provisional seizures listed on the full certificate of registered matters before moving in.

In October, the city will also hold the "Seoul International Student Welcome Day" for both domestic and international students living in Seoul. In partnership with global real estate agents, the city will provide foreign students with information on precautions and fraud prevention tips when signing rental contracts. Since 2008, global real estate agencies have been offering customized real estate brokerage services for foreigners, and currently, 267 such offices are in operation. Applications for the education program can be made through the Seoul Real Estate Information Plaza.

Cho Namjun, Director General of Urban Space Policy at the Seoul Metropolitan Government, said, "Through this education, young people will be able to check the procedures for rental contracts themselves and identify rental fraud schemes in advance to prevent damages. We will continue to work to create a safe residential environment where international students and youth can live with peace of mind."