Korea Land and Housing Corporation (LH) noted on the 7th that it is conducting a constant recruitment for tenants of jeonse rental housing aimed at youth and young adults preparing for independence.
The jeonse rental housing is a system where LH enters into a jeonse contract with the housing owner after selecting the youth as tenants, who then directly finds a dwelling, and re-rents it to the tenants at a low price.
This announcement targets the entire nation. A total of 7,000 units will be recruited for youth (priority type), and there are no restrictions on recruitment for young adults preparing for independence.
The 'youth priority' jeonse rental is available for applicants who are housing-free as of the application date, unmarried, and aged between 19 and 39, including beneficiaries, single-parent families, and those in the lower income bracket.
The jeonse deposit is supported up to ▲120 million won in the metropolitan area, ▲95 million won in the metropolitan cities, and ▲85 million won in other regions. Tenants will bear a 1 million won tenant contribution deposit and interest (annual 1-2%) on the support amount (the amount minus the tenant contribution deposit) as monthly rent.
The initial rental period is two years. After the initial rental period expires, it is possible to renew the contract a total of four times in two-year increments, allowing a maximum residence of 10 years.
The 'young adults preparing for independence' jeonse rental is available for housing-free individuals who are not married and who have been out of foster care under the Child Welfare Act or have left a child welfare facility within five years.
The jeonse deposit is the same as for youth priority, but for those under 22 years old, the monthly rent is interest-free, and for those residing in jeonse rental housing within five years, a 50% reduction applies.
The initial rental period is two years, and after the initial rental period expires, it is possible to renew the contract a total of 14 times in two-year increments, with the maximum residence period being 30 years.
Applications will be accepted continuously until December 31.