Gyeongbuk Development Corporation to Supply 244 Rental Housing Units This Year... Targeting Youth, Newlyweds, Newborns, and Vulnerable Groups

by Gu Daeseon

Published 23 Jan.2025 18:29(KST)

Updated 01 Aug.2025 14:11(KST)

Gyeongbuk Development Corporation (President Lee Jae-hyuk) has been accelerating the supply of purchased rental housing since 2022 to overcome the low birthrate in the province and realize housing stability for vulnerable groups. As of now, 538 units have been supplied in 10 cities and counties, and it was announced on the 23rd that a total of 3,000 units will be supplied by 2031 through additional purchases of rental housing.

Following 2024, Gyeongbuk Development Corporation stated that this year as well, it plans to prioritize supply mainly in population-decreasing areas to respond to local extinction and overcome the low birthrate. Among the 15 population-decreasing areas in the Gyeongbuk region, 250 units will be purchased in five cities and counties: Andong, Yeongcheon, Mungyeong, Yeongdeok, and Goryeong.

Perspective view of the purchase rental housing to be built in Yeongcheon.

According to this year’s supply plan of Gyeongbuk Development Corporation, 244 units of purchased rental housing are scheduled to be supplied, of which 116 units will be allocated to youth and newlywed/newborn households, with move-in expected in the first quarter of this year. Additionally, around May, 128 general purchased rental housing units will be additionally supplied targeting housing-vulnerable groups.

Lee Jae-hyuk, President of Gyeongbuk Development Corporation, said, “In the current situation where the economic recession and low birthrate crisis are severe, one of the self-help measures is the proactive response of public institutions. Our corporation is not merely supplying housing at low cost but is striving to contribute to overcoming the low birthrate crisis in Gyeongbuk by creating childcare infrastructure. We are also making great efforts to establish cooperative systems with local governments to supply quality housing and resident convenience facilities.”