The average monthly rent in Nowon District, Seoul, was found to be nearing 1 million won. The January increase in the monthly rent price index, which shows the level of monthly rents as an index, was the third highest among the 25 districts after Seongdong and Seocho. In some complexes, deposits quadrupled in a month and monthly rents rose by nearly 40%. The Sanggye, Junggye, Hagye, Wolgye and Gongneung neighborhoods in Nowon District have strong housing demand among people in their 30s and other younger groups.
According to the Korea Real Estate Board (REB) on the 5th, the average monthly rent in Nowon District in January was 931,000 won. That was up 7.3% (64,000 won) from January 2025 (867,000 won) a year earlier. The average monthly rent in Nowon District stayed in the 800,000-won range through August last year, rose to 902,000 won in September, and then continued climbing for five straight months.
Nowon District's rent growth rate is quite high compared with other districts in Seoul. The district's monthly rent price index in January rose 0.78% from the previous month. That was the third-highest increase among Seoul's 25 districts, after Seongdong (0.81%) and Seocho (0.8%). The monthly rent price index is calculated by the Korea Real Estate Board (REB) to compare monthly rent levels each month, setting last March's rent level at 100 as the base point.
By complex, contracts well over 1 million won in monthly rent have been appearing since February. Recent transaction trends show that in Sanggye Jugong Complex 1, an exclusive area of 49.94 square meters was leased on Feb. 21 with a 40 million won deposit and 1 million won monthly rent. The same size unit changed hands on Dec. 9 last year with a 35 million won deposit and 950,000 won monthly rent, but both the deposit and the monthly rent have risen. This apartment complex is in the 765 Sanggye-dong block and is close to Junggye Station on Seoul Subway Line 7.
An exclusive 59.95 square meter unit in Eunbit Complex 1, located at 1255 Sanggye-dong, was also leased on Feb. 2 with a 50 million won deposit and 1.3 million won monthly rent. The same layout was leased on Dec. 1 last year with a 30 million won deposit and 1.3 million won monthly rent, but the deposit rose by 20 million won in just two months.
Sanggye Jugong Complex 7 (691 Sanggye-dong), near Nowon Station on Seoul Subway Lines 4 and 7, also saw increases in monthly rent and deposits. An exclusive 41.3 square meter unit was leased on Feb. 24 with a 40 million won deposit and 900,000 won monthly rent (9th floor). The same layout on the 13th floor had been a transaction on Jan. 20 with a 10 million won deposit and 650,000 won monthly rent, but in just a month the deposit quadrupled and the monthly rent rose by 250,000 won (38.4%).
Nowon District includes land development project sites created in the 1980s as part of the government's "supply of 2 million dwellings" policy and has many older apartment complexes. There are currently 267 complexes with 165,983 households. With relatively ample rental supply and stable rental prices, it is popular among younger people in their 30s and 40s. Among them, demand is strong for complexes near subway stations served by Seoul Subway Lines 4 and 7.
In the market, some also say shrinking rent supply in nearby areas is pushing rental demand into Nowon District, lifting monthly rents. Nam Hyeok-woo at Woori Bank's Real Estate Research Institute said, "With the designation of land transaction permit zones reducing rental supply that used to come to market through gap investing (purchases with jeonse), and with decreases in jeonse and monthly rent listings in neighboring districts shifting demand into Nowon District, monthly rents appear to be rising," adding, "The fact that even Nowon District, which traditionally had ample supply and demand, is seeing rents climb quickly is a warning light for the jeonse and monthly rent market."
Yu Seong-hyeon, head of Buja Real Estate in Sanggye-dong, Nowon District, said, "Compared with the second half of last year, monthly rents are being set 20% to 30% higher and contracts are being signed," adding, "As monthly rent supply has shrunk in other areas such as Gangnam, many renters who need homes have been pushed out to this area."