According to an analysis, an average of 120 million won is required to renew an apartment contract contracted for jeonse in Seoul by applying the lease law.
According to the Real Estate R114 Labs survey, from July 31, 2020, when the right to renew the contract and the monthly rental limit system were implemented, the nationwide Jeonse price increased by an average of 27.69%.
In other words, if the lessee renews the contract by using the 5% monthly rent limit, he must prepare in advance for the increase in the market price gap from July 31, when the new contract changes.
The increase in Jeonset price by region was highest in Gyeonggi-do 32.98%, Incheon 32.77%, Chungbuk 30.64%, Daejeon 28.29%, Gyeongnam 26.69% and Seoul 26.66%.
Ji-hae Yoon, senior researcher at Real Estate R114, said, “Usually, the landlord and tenant discuss whether to renew the lease three months before the expiration date. said.
(Photo = Yonhap News)