36% of monthly rent in rental transactions
This year, the monthly rental transaction volume in the Seoul apartment rental market increased to an all-time high. The number of jeonse items in the market has decreased, and more and more people are converting the increase in jeonse prices into monthly rent.
According to the Seoul Real Estate Information Plaza on the 21st, from January 1 to November 20 of this year, the number of apartment rental transactions in Seoul on condition of paying at least part of the monthly rent was 56,169. This is the largest trading volume ever recorded for the same period since the collection of related statistics in 2011.
As of January to November, monthly rental transactions were 30,000 in 2013-2014 and 40,000 in 2015-2019, but exceeded 50,000 for the first time last year. The share of monthly rent in rental transactions is also on the rise. As of the 20th, the proportion of monthly rental transactions between January and November of this year stood at 36.4%, the highest ever. According to the Korea Real Estate Agency, the average monthly rent for an apartment in Seoul last month was 1234,000 won, up 10.2% from October last year (1.2 million won). Ahn Seong-yong, head of the real estate team at Korea Investment & Securities Asset Succession Research Institute, explained, “Jeonset prices have skyrocketed since the enactment of the Lease Act.
Reporter Jeong Soon-gu soon9@donga.com
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