Monthly Rent Near Seoul Universities Drops 4.5%... Higher Maintenance Fees Keep Tenant Burden Unchanged

Although the average monthly rent for studio apartments near major universities in Seoul dropped by 4.5% over the past year, tenants have not felt much relief due to rising maintenance fees. In some areas, even as rents decreased, the increase in maintenance fees was so significant that many are calling it a case of "six of one, half a dozen of the other."

A studio apartment building in Sillim-dong, Seoul. Unrelated to the article content. Photo by Asia Economy DB

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According to an analysis released on August 12 by real estate information platform Dabang, the average monthly rent for a studio apartment (with a deposit of 10 million won and a floor area of 33 square meters or less) near ten major universities in Seoul was 581,000 won in July, marking a 4.5% decrease compared to last year.

The area that saw the largest drop in monthly rent was near Seoul National University, where rents fell by 15.4% from 500,000 won last year to 423,000 won this year. This was followed by the area near Chung-Ang University, where rents dropped by 13.3% from 550,000 won to 477,000 won, and the area near Hankuk University of Foreign Studies, where rents decreased by 10.5% from 650,000 won to 582,000 won. The average monthly rent also declined near Sungkyunkwan University (-5.6%), Ewha Womans University (-4.2%), Sogang University (-3.6%), and Yonsei University (-2.5%).

In contrast, the area near Hanyang University saw rents increase by 4.5% from 550,000 won to 575,000 won over the same period, and the area near Korea University experienced a 3.3% rise from 580,000 won to 599,000 won.

Average maintenance fees rose in nearly all areas without exception. Notably, the area near Korea University recorded the highest increase, with fees jumping 18.6% from 70,000 won to 83,000 won. Maintenance fees near Hanyang University rose by 16.7% from 60,000 won to 70,000 won, and those near Ewha Womans University increased by 12.2% from 90,000 won to 101,000 won. As a result, many tenants say that even though rents have gone down, the higher maintenance fees have left their overall housing costs largely unchanged.

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