/ yunhap news
‘Monthly rent refugees’ are increasing in the Seoul apartment market.
According to the statistics of the Seoul Real Estate Plaza on the 21st, the number of apartment rentals including monthly rent in Seoul this year until the 21st of this month (as of 2 pm) this year was 56,173, the highest recorded as of January-November.
Transactions that include monthly rent, such as monthly rent, quasi-monthly rent, and quasi-jeonse, are showing a rapid increase, exceeding 54,965 transactions during the same period last year. It is analyzed that the price of jeonse rose sharply due to the enforcement of the lease law last year, and lending regulations were strengthened, so tenants who could not obtain a deposit for jeonse would choose monthly rent instead of jeonse. In addition The transfer of the burden from the interest rate hike and the general real estate tax increase to tenants also had an impact.
As demand increases, monthly rents are also rising. According to statistics from the Korea Real Estate Agency, the average monthly rental price for an apartment in Seoul was 1234,000 won last month, up 10.2% from 1.12 million won last year. The average monthly rent for an apartment nationwide was 802,000 won last month, up 12.5 percent from a year ago.
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