Korea Land & Housing Corporation (LH) said on the 4th it will supply 37,580 jeonse rental dwellings nationwide this year to ease housing cost burdens for low-income households without homes.
Under the jeonse rental program, once an eligible tenant finds a dwelling to live in, LH signs a jeonse lease with the property owner and then relets it to the tenant at an affordable rate.
Last year, LH supplied 33,000 jeonse rental dwellings nationwide. That amounts to 51% of the 64,000 public rental units LH supplied last year.
LH set this year's housing welfare goals as "supporting housing stability for the public through expanded housing supply" and "enhancing public convenience through tighter housing support and housing environment improvements," and will expand volumes from last year to supply a total of 37,580 jeonse rental dwellings nationwide this year.
By life stage and income type: ▲ general and seniors 13,000 households (35%) ▲ youth 10,000 households (27%) ▲ newlyweds 6,700 households (18%) ▲ non-apartment 2,800 households (8%) ▲ victims of jeonse fraud 2,500 households (7%) ▲ multi-child families 2,200 households (6%).
By region, 21,836 households (58.1%) will be supplied in the greater Seoul area where housing demand is concentrated. Metropolitan cities will receive 8,707 households (23.2%), and other provincial cities 7,037 households (18.7%).
The jeonse deposit support cap for the general type is ▲ 130 million won in the greater Seoul area ▲ 90 million won in metropolitan cities ▲ 70 million won in other regions. For the youth type based on a single-person household, it is ▲ 120 million won in the greater Seoul area ▲ 95 million won in metropolitan cities ▲ 85 million won in other regions.
LH will move up its first-half supply schedule compared with previous years, considering market conditions such as the recent rise in monthly and jeonse rents, fewer listings, and tighter lending regulations.
Starting with the first-priority youth recruitment (7,000 households) posted in Feb., ▲ rolling recruitment for newlyweds and multi-child families in Apr. ▲ regular recruitment for existing dwellings for the general and seniors categories in May will be carried out sequentially. In the second half, within budget limits, LH plans to pursue additional supply focused on high-demand types such as youth, considering supply performance and demand trends.
Acting LH President Jo Kyung-suk said, "We expanded the supply of jeonse rental dwellings and also moved up the supply timeline to support housing stability and ease housing cost burdens for low-income households without homes," adding, "We will strengthen the provision of public rental housing information so more people can access housing support, and do our best with the goal of expanding housing supply."