LH to Open Applications for 4,000 Youth and Newlywed Purchase Rental Homes Starting the 11th

View of 'Iris Yedang,' a youth purchase rental housing in Seocho-gu, Seoul.

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[Asia Economy Reporter Kangwook Cho] Korea Land and Housing Corporation (LH) announced on the 10th that subscription applications for the first round of this year’s youth and newlywed purchase rental housing tenants will be accepted starting from the 11th.

‘Purchase rental housing’ refers to public rental housing where LH purchases existing houses in urban areas, renovates or reconstructs them, and rents them out to non-homeowners such as youth and newlyweds at rental conditions cheaper than market prices. Tenants are regularly recruited every quarter.

Last year, LH supplied a total of 17,896 youth and newlywed purchase rental housing units through four regular tenant recruitments.

Through the first regular recruitment of 2022, a total of 4,155 units will be supplied in 76 cities, counties, and districts nationwide. By type, △1,348 youth purchase rental housing units △2,807 newlywed purchase rental housing units will be supplied, and by region, 1,882 units in the Seoul metropolitan area including Seoul, Gyeonggi, and Incheon, and 2,273 units in other regions.

‘Youth purchase rental housing’ is supplied to youth aged 19 to 39, with rental conditions at about 40-50% of nearby market prices. Reflecting the frequent relocation needs of youth due to studies or employment, these units are supplied equipped with home appliances such as refrigerators, washing machines, and air conditioners.

‘Newlywed purchase rental housing’ is supplied to newlyweds within seven years of marriage, prospective newlyweds, etc., and is divided into ‘Newlywed I,’ which supplies multi-family houses at 30-40% of market prices, and ‘Newlywed II,’ which supplies apartments and officetels at 70-80% of market prices.

In the case of Newlywed II, besides (prospective) newlyweds, general married households can also apply. It features a quasi-jeonse type where 80% of the basic rental condition is paid as a deposit and 20% as monthly rent, reducing the monthly rent burden.

If applicants apply for both Newlywed I and Newlywed II, only the Newlywed II application will be accepted, and the Newlywed I application will be automatically disqualified.

The maximum residence period is up to 6 years for youth purchase rental housing, up to 20 years for Newlywed I purchase rental housing, and up to 6 years for Newlywed II purchase rental housing, with up to 10 years allowed if there are children.

Subscription applications are possible if applicants meet the non-homeowner requirement and income and asset criteria among eligible tenants. These requirements vary depending on the housing type. The supply schedule also differs by regional headquarters and type, so applicants must check the announcement posted on the LH Subscription Center before applying.

The announcement of successful applicants is scheduled for the end of May, and after tenant qualification verification and contract signing, move-in is possible from June onward.

An LH official stated, “We plan to recruit tenants for about 18,000 units over four rounds this year.”

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