The application for 2,800 'purchase rental dwellings' for young people and newlyweds will start on the 6th.
The Korea Land and Housing Corporation (LH) noted that from this day, it will begin accepting applications for purchase rental dwellings for young people, newlywed couples, and the middle and low-income classes.
The purchase rental business is a system where LH purchases newly built and existing dwellings that have good accessibility to public transportation in urban areas and rents them at affordable prices.
Through this announcement, LH will supply a total of 2,814 purchase rental dwellings nationwide. By type, there are 1,275 for young people and 1,539 for newlyweds and newborns.
The purchase rental dwellings for young people are intended for individuals aged 19 to 39, including college students and job seekers. By region, there will be 656 units in the metropolitan area of Seoul, Gyeonggi, and Incheon, while 619 units will be available in other areas. The rental conditions will be set at 40 to 50% of the local market price. Residents can live there for up to 10 years (20 years if married after moving in).
In the case of purchase rental dwellings for young people, the supply will reflect the demand of young individuals who frequently move due to studies or employment, and the dwellings will be equipped with appliances such as refrigerators, washing machines, and air conditioners, according to housing conditions.
The purchase rental dwellings for newlyweds and newborns are aimed at (prospective) newlywed couples within 7 years of marriage and families with newborns. By region, there will be 702 units in the metropolitan area of Seoul, Gyeonggi, and Incheon, while 837 units will be available in other areas.
Purchase rental dwellings for newlyweds and newborns are categorized into types I and II based on income and asset criteria. Type I purchase rental dwellings will be supplied at 30 to 40% of the market price, including multi-family and multi-unit houses, allowing residents to stay for up to 20 years.
Type II purchase rental dwellings for newlyweds and newborns will be supplied in a semi-rental style (80% deposit of rental conditions, 20% monthly rent) at 70 to 80% of the market price, reducing rental burdens. They can be occupied for a maximum of 10 years (14 years if there are children). Notably, the income and asset criteria for Type II purchase rental dwellings have been relaxed starting with this announcement. Previously, the income criterion was set at 100% of the average monthly income for urban worker households (120% for dual-income households), and the asset criterion was set at 345 million won. In the future, these criteria will change to 130% (200% for dual-income households) and 362 million won, respectively.
LH will accept applications until the 8th and announce the candidates for document review later this month. The announcement of preliminary residents will be conducted in March after verifying qualifications such as income and asset.