April Move-in Volume Down 60% from Last Month... Rebound Expected After May
by Han Jinjoo
Published 25 Mar.2024 11:03(KST)
14,154 Households Nationwide Scheduled for Move-in in April
Move-in Volume to Increase Again After May
The number of move-ins next month is recorded at 14,145 households, a decrease of 20,000 households compared to last month. The Seoul metropolitan area has 3,709 households, down 63% from the previous month. However, the volume is expected to increase again from May, so it is unlikely to have a significant impact on the rental market.
According to a Zigbang survey on the 25th, the nationwide apartment move-in volume in April will decrease by 60% (20,977 households) compared to last month (35,131 households). It is 23% (4,193 households) less than the same period last year.
In terms of the number of complexes, 30 complexes nationwide will have move-ins. From January to March this year, about 50 complexes welcomed owners each month.
The size of the move-in complexes next month is also small. Complexes with more than 1,000 households moving in were 9 (17%) in January, 6 (13%) in February, and 11 (24%) in March, but in April, there is only one (3%) complex. The only one is The Sharp DL in Dong-gu, Daegu (1,190 households).
In particular, the move-in volume in the Seoul metropolitan area has significantly decreased. The volume in April is limited to 3,709 households. It is 77% less than last month and 63% less compared to the same period last year. The monthly average volume this year was about 12,800 households.
By region within the Seoul metropolitan area, six complexes with 3,218 households in Gyeonggi will welcome residents. Seoul will start move-ins in two complexes with 491 households. There is no move-in volume in Incheon.
The move-in volume in provincial areas is 10,445 households, down 45% from the previous month but up 26% compared to the same period last year. By region, Daegu (3,677 households) has the largest move-in volume. It is followed by Gyeongbuk (3,241 households), Gyeongnam (1,002 households), Chungnam (816 households), and Jeonnam (486 households).
Even though the move-in volume decreases in April, it is expected that the impact on the jeonse (long-term lease) market will not be significant. More supply was made in the first quarter of this year than usual, and the move-in volume is expected to increase in May and June. The move-in volume for May is expected to be 24,168 households, and for June, 27,391 households.
The decrease in move-in volume in April is expected to be a short-term phenomenon. Especially in the Seoul metropolitan area, where the decrease in April volume is prominent, 9,846 households are scheduled to move in May, and 16,501 households in June. The volume for the third and fourth quarters of this year is expected to be similar to the same period last year. In the third quarter, 30,014 households, and in the fourth quarter, 49,686 households are expected to move in.
Kim Eun-seon, lead of Zigbang Big Data Lab, said, "By paying attention to complexes currently moving in or areas where supply will increase again after the second quarter of this year due to the decrease in April move-in volume, you can seize the opportunity to move into a new apartment."
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