The Transition Committee Reports "Ministry of Justice Needs to Fully Reexamine the Lease Protection Act"

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[Asia Economy Reporters Bu Aeri and Yoo Byungdon] The Ministry of Justice has reported to the Presidential Transition Committee that a comprehensive review of the Lease Protection Act is necessary.

Kim Kiheung, deputy spokesperson of the Transition Committee, stated at a briefing held on the 1st at the Transition Committee office in Tongui-dong, Jongno-gu, Seoul, "We reported that a comprehensive review is necessary to correct distortions in the lease market and to protect the rights and interests of tenants, including housing stability."

The Ministry of Justice expressed the position that a prompt decision on policy direction is needed as two years will have passed since the amendment of the Housing Lease Protection Act in August 2022.

Since July 31, 2020, the Housing Lease Protection Act has been in effect, allowing tenants to exercise the right to request contract renewal once, guaranteeing a four-year residence period, and limiting the increase rate of rent and other charges upon renewal to within 5%.

The Ministry of Justice also presented an implementation plan to derive improvement measures for the current system, considering tenants' housing stability, protection of landlords' property rights and trust, and the impact on the real estate market.