Complexes With Zero Jeonse Listings Emerge... Jeonse Shortage Deepens in Outer Seoul

Jeonse Listings Disappear in Large Complexes in Gwanak and Gangbuk
Spring Moving Season and Newlywed Demand Drive Jeonse Prices Higher

Apartment complexes in Seoul with zero available jeonse listings—meaning not a single unit is offered for long-term lease—are starting to appear across the city. The scarcity of listings has been exacerbated by a decline in overall supply, increased demand from people moving during the spring season, and newlyweds searching for their first home, particularly in outer districts of Seoul. In some complexes, tenants unable to find jeonse properties are registering with real estate agencies to be notified immediately when a listing becomes available, waiting in line for any opportunity. As jeonse listings disappear in Seoul, more prospective tenants are turning their attention to nearby regions, such as Incheon and the broader metropolitan area.

As of March 10, not a single jeonse listing was available at 'Gwanak Dream Town' in Bongcheon-dong, Gwanak-gu, Seoul, which consists of 3,544 units. The surge in moving demand during the spring season, combined with existing tenants choosing to renew their contracts and multi-home owners switching to either occupying their properties or selling them, has significantly reduced the number of jeonse properties entering the market. Similarly, both 'Kkumui Sup Harrington Place' (1,028 units) and 'Kkumui Sup Lotte Castle' (615 units) in Gangbuk-gu reported zero jeonse listings as of this day. A real estate agent in Gwanak-gu commented, "This area has strong demand from young tenants, but no jeonse listings are becoming available," adding, "There are quite a few tenants who ask to be notified immediately and are waiting for any openings."

The disappearance of jeonse listings in certain complexes stems from a citywide imbalance, where demand for jeonse significantly outpaces supply. According to the KB Real Estate Data Hub’s housing price trend survey, Seoul’s jeonse supply-demand index averaged 166.83 last month—the highest since 2021. This index is based on a survey of real estate agencies; a figure above 100 indicates a market where buyers (tenants) outnumber sellers (landlords). The supply crunch has been driven by several factors: a sharp decrease in new apartment completions in recent years, tenants exercising their contract renewal rights during periods of rising jeonse prices, and, most notably, a reduction in listings available on the market. Additionally, in outer districts, more multi-home owners have switched their jeonse properties to monthly rentals or opted to sell, leading to a further decline in jeonse supply.

The imbalance in jeonse supply and demand is particularly pronounced in the outskirts of Seoul. The jeonse supply-demand index in the 14 districts of northern Seoul reached 178.48, higher than the citywide average. In comparison, the 11 districts of southern Seoul recorded an index of 156.41. Due to an increase in jeonse supply in Songpa District, the rise has been relatively less steep there than in the north.

This supply-demand imbalance has also fueled a rise in jeonse prices. According to weekly apartment price trends from the Korea Real Estate Board, the cumulative increase in Seoul apartment jeonse prices from the beginning of this year through March 2 was 1.05%. This is a significant jump from the 0.09% increase recorded over the same period last year.

Seongdong-gu posted the highest jeonse price increase at 1.95%, followed by Nowon-gu at 1.77%, Seongbuk-gu at 1.68%, Gwangjin-gu at 1.28%, Seodaemun-gu at 1.21%, and Eunpyeong-gu at 1.05%. Other outer northern districts, including Yeongdeungpo-gu (0.99%), Dobong-gu (0.93%), and Gangbuk-gu (0.81%), also showed notable increases.

In the southern districts, trends diverged by area. Seocho-gu saw the highest jeonse price increase in the south, at 2.24%. In contrast, Songpa-gu was the only district in Seoul where jeonse prices fell, declining by 0.42%. The increase in jeonse supply from newly completed apartment complexes—such as Jamsil Le El (which began occupancy in January) and Jamsil Raemian I-Park (scheduled for December 2025)—has been cited as the reason for Songpa-gu's price drop.

On the 24th, as apartment transactions shrink due to loan regulations and other effects, a real estate agency in Gangnam, Seoul has continued to accumulate listings for sale and jeonse (long-term lease). Photo by Jinhyung Kang

Experts believe the jeonse shortage is unlikely to be resolved quickly. They attribute the persistent lack of listings not to a temporary spike in demand, but rather to structural supply constraints, such as a decline in new apartment completions. Ham Youngjin, Head of the Real Estate Research Lab at Woori Bank, stated, "Around 200,000 couples get married each year, with about half settling in the greater Seoul area, resulting in at least 50,000 to 60,000 new households needing homes." He added, "With the spring moving season coinciding with demand from newlyweds, the shortage of jeonse listings is likely to persist."

There is also speculation that some jeonse demand may shift to outer metropolitan areas such as Incheon. Kwon Youngsun, Team Leader at Shinhan Bank's Real Estate Investment Advisory Center, said, "Due to loan regulations in the sales market, many end-users are remaining in the rental market. While buyer sentiment has not fully recovered and the process may take some time, jeonse demand could spread to other regions." As of March 2, the cumulative change in Incheon’s sale prices this year stood at 0.26%, shifting to an increase from a 0.47% decline during the same period last year. In Gyeonggi Province, the figure was 0.96%, compared with a 0.29% decrease over the same period last year.

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