The Ministry of Land, Infrastructure and Transport announced on the 25th that it will recruit tenants for rental housing targeted at young people and newlywed and newborn families across 16 cities and provinces nationwide starting from the 27th.
The recruitment scale is a total of 4,075 units, including 1,776 for young people and 2,299 for newlywed and newborn families. After verifying the eligibility of applicants, they may be able to move in as early as late June.
The rental housing for young people is provided to unmarried young people who do not own a house. It can be lived in for up to 10 years at a low rental price, which is 40-50% of market prices.
The rental housing for newlywed and newborn families is targeted at newlywed couples without a home, and it is divided into ▲ new and newborn type I (1,290 units) at 30-40% of market prices and ▲ new and newborn type II (1,009 units) at 70-80% of market prices.
The income criteria for type I newlywed and newborn housing is set at 70% of the average monthly income of urban worker households (90% for dual-income households). The income criteria for type II is below 130% of the average monthly income of urban worker households (200% for dual-income households).
Newborn households will be prioritized for recruitment as first-tier tenants. Newlywed couples within 7 years of marriage, prospective newlywed couples, and households raising children under 6 years old can also apply for the recruitment of tenants for newlywed and newborn rental housing.
The rental housing for young people and newlywed and newborn families being recruited by the Korea Land and Housing Corporation (LH) can be checked on the LH Housing Subscription Plus. Rental housing being recruited by organizations such as the Seoul Housing and Communities Corporation should be checked with each respective agency.
Kim Do-gon, head of the Housing Welfare Support Division at the Ministry of Land, Infrastructure and Transport, said, "As this is the first recruitment for rental housing this year, we will do our best to support housing stability so that young people and newlywed couples can start anew in stable residences."