Korea Land & Housing Corporation (LH) said on the 2nd it will supply a total of 3,000 rental dwellings in the greater Seoul area, including Seoul, for young people, newlyweds, and other low-income households without homes by the end of the year.
LH will supply a total of 3,009 rental dwellings in the greater Seoul area in December, including 1,917 purchased rental dwellings and 1,092 constructed rental dwellings. For the purchased rentals, after eligibility verification and other procedures, tenants could move in as early as March of the following year.
On the 18th of this month, a unified notice for purchased rental dwellings targeting young people and newlywed/newborn households will be issued. Of the 3,133 dwellings nationwide, 1,917 dwellings, or more than about 60%, will be supplied in the greater Seoul area. In Seoul, supply will take place in 22 of the 25 autonomous districts. By type, there are 729 units for young people (including 102 dormitory-type units) and 1,188 units for newlyweds/newborns.
The purchased rental dwellings for young people are supplied to unmarried, home-less young people such as those ages 19 to 39, college students, and job seekers. With affordable rents at 40% to 50% of nearby market rates, tenants can live there for up to 10 years (20 years if they marry after moving in).
The purchased rental dwellings for newlyweds/newborns are supplied to (prospective) newlywed couples within seven years of marriage and households with newborns. Depending on income and asset criteria and other factors, they are classified into the Newlyweds/Newborns I and II types.
The Newlyweds/Newborns I type is supplied at 30% to 40% of market rates and allows residence for up to 20 years. The Newlyweds/Newborns II type is supplied in a quasi-jeonse format at 70% to 80% of market rates (80% deposit and 20% monthly rent under the lease terms) and allows residence for up to 10 years (14 years if there are children).
After the recruitment notice, applications will be accepted from the 29th to the 31st through LH Subscription Plus. After eligibility verification of income, asset, and other criteria, move-ins will be possible in March of next year.
A total of 1,092 constructed rental dwellings will be supplied in the greater Seoul area in December. They include 472 permanent rental dwellings at Yangju Hoecheon A-25 and 620 integrated public rental dwellings in Icheon Janghowon.
The Yangju Hoecheon A-25 permanent rental dwellings are located in the Yangju New Town about 20 kilometers from Seoul, with the GTX-C line scheduled to open. During the subscription period from the 15th to the 19th of this month, applications can be submitted at the jurisdictional Community Service Center for addresses within Yangju.
The Icheon Janghowon integrated public rental dwellings are located in the center of Janghowon-eup, with surrounding living infrastructure in place, and have favorable transportation conditions adjacent to National Route 3 and the Jungbu Naeryuk Expressway. After the recruitment notice on Dec. 29, applications can be submitted from Jan. 13 to 15 of next year through LH Subscription Plus and at on-site reception locations.