LH, Stepping Stone for Youth Housing Independence... 30,000 Rental Homes to be Supplied This Year

by Jo Kangwook

Published 05 Apr.2022 11:32(KST)

Customized Housing Support Including Haengbok Housing... Affordable Up to 40% Below Market Price

Youth Shared Housing 'Anam Saenghwal' Exterior View.

[Asia Economy Reporter Kangwook Cho] Korea Land and Housing Corporation (LH) will supply approximately 30,000 rental housing units this year for young people in vulnerable housing situations. In particular, LH plans to promote a ‘customized housing support’ initiative to serve as a stepping stone for housing independence among the youth.

According to LH on the 5th, LH plans to supply 30,000 various customized rental housing units this year, including affordable Happy Housing, Youth Purchase Rental, Dormitory-style Youth Housing, Youth Jeonse Rental, and Youth Specialized Operation Housing, with rents up to 40% of market prices.

Happy Housing rents are set at about 72% of the market rental price for youth and 68% for university students, with a maximum residence period of six years. Youth Purchase Rental involves LH purchasing existing homes in urban areas and renting them to youth at about 40-50% of market prices for up to six years. Dormitory-style Youth Housing consists of studio-type units including bedrooms and bathrooms, equipped with basic household appliances such as refrigerators and washing machines. Residents can stay for up to six years at about 40% of nearby market prices.

View of the Pangyo 2nd Techno Valley Startup Support Housing.

There are also Jeonse rental houses that provide Jeonse deposits up to 120 million KRW in the metropolitan area, 95 million KRW in metropolitan cities, and 85 million KRW in other regions. Youth Specialized Operation Housing is supplied through cooperation between LH and cooperatives, non-profit organizations, and social enterprises. A representative example is ‘Anam Saenghwal,’ which was supplied after LH purchased and remodeled a long-vacant urban tourist hotel.

Additionally, LH supplies rental housing with a deposit of 1 million KRW for protection-terminated children who must become independent at age 18, allowing them to reside for up to 20 years.

Ha Seungho, Head of LH’s National Housing Welfare Headquarters, said, "We will do our best to expand rental housing supply and ensure a stable housing environment for young people in vulnerable housing situations."