Busan Urban Corporation Recruiting Tenants for 90 Units of Youth Purchase Lease Housing
Rent Set at 40-50% of Market Price
Up to 10 Years of Residency Possible
Busan Urban Corporation is stepping in to alleviate the housing burden for young people.
On December 29, Busan Urban Corporation (BMC, President Shin Changho) announced that it will be recruiting (preliminary) tenants for 90 units of "Youth Purchase Lease Housing" to support housing stability for young people.
The Youth Purchase Lease Housing program supplies officetels and multi-family homes purchased by the corporation to young people in need of housing support at 40-50% of the market rental rate. Taking into account the housing needs of young people who often need to move for study or work, the homes are located in areas with excellent transportation accessibility, such as university districts and near subway stations.
Some of the supplied units come equipped with basic appliances such as a washing machine, refrigerator, and air conditioner, which is expected to help reduce the initial housing costs for tenants.
Eligibility is limited to unmarried young people without a home as of the announcement date, and applicants must meet the requirements for each priority group. The rental conditions are set at 40-50% of the market rental rate, and tenants may reside for up to 10 years if they continue to meet the qualifications.
Applications for the first priority group will be accepted online through the Busan Urban Corporation "BMC Subscription Center" from January 12 to 13 next year, and for the second and third priority groups from January 26 to 27. Detailed eligibility requirements and application procedures can be found in the recruitment announcement posted on the Busan Urban Corporation website.
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Shin Changho, President of Busan Urban Corporation, stated, "I hope that the supply of youth purchase lease housing will provide tangible support for young people to establish a stable housing foundation," adding, "We will continue to secure homes with excellent urban accessibility to make Busan a city where young people want to stay."
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