Korea Land & Housing Corporation (LH) will recruit more than 6,000 tenants and prospective tenants for national rental housing across eight regions in Gyeonggi Province. Although it varies by complex, many allow long-term residence by paying a security deposit of around 20 million to 30 million won and an average monthly rent in the 200,000-won range. LH removed existing income and asset requirements for some complexes and allowed applications for tenancy as long as the price of the applicant's car is below a certain amount.
On the 31st, according to Korea Land & Housing Corporation (LH) and the real estate platform Jippoom, LH will select tenants and prospective tenants for a total of 6,109 rental dwellings across eight regions in Gyeonggi Province (Guri·Namyangju, Yongin, Hwaseong, Pyeongtaek·Anseong, Suwon, Gimpo). Prospective tenants refer to applicants LH accepts in advance, anticipating that existing residents will move out. LH national rental housing is public rental housing that allows residence for up to 30 years at affordable rental terms (security deposit + monthly rent) at 60% to 80% of market rates to stabilize housing for low-income households without homes.
According to the tenant recruitment notice, among the eight regions in Gyeonggi Province, Hwaseong has the largest number of recruits (including prospective tenants). With tenants recruited for a total of 3,004 dwellings, nearly half of the eight regions are concentrated in this area. Simultaneous recruitment is underway in major districts of Hwaseong such as Hyangnam, Namyang, Bibong, Taean and Dongtan.
Eleven complexes in Hyangnam, Bibong, Taean and Namyang New Town in Hwaseong will accept applications from Apr. 1 to 3. Members of households without homes in Hwaseong who own a car priced at 45.42 million won or less can apply for tenancy. There are no income or total asset limits. The 11 complexes will select 1,404 people, including prospective tenants. "Eondeok Maeul Complex 18" will select 290 people, making it the largest recruitment among the complexes. Located at 35, Sangsin Hagil-ro, Hyangnam-eup, Manse-gu, Hwaseong, the complex consists of 1,742 dwellings and is a semi-new apartment that first accepted residents in 2017. Based on an exclusive area of 36㎡, contracts can be signed with a rental deposit of 19.71 million won and monthly rent of 210,000 won.
Nine complexes in Dongtan, Hwaseong, will also begin recruiting tenants (or prospective tenants) for national rental housing. Applications will be accepted from the 31st to Apr. 2, with winners to be announced on Jul. 15. However, in these nine complexes, only 1,600 prospective tenants will be recruited this time. Applicants must be without a home; have income at or below 70% of last year's average monthly income of urban workers (90% for single-person households, 80% for two-person households); have household asset aggregates at or below 345 million won; and have individual car values at or below 45.42 million won.
"Dongtan Saegang Maeul Humansia," which will select 330 prospective tenants, has a security deposit of 30.23 million won and monthly rent of 200,000 won based on an exclusive area of 46㎡. This is a large complex of 2,342 dwellings located at 99, Dongtanjungang-ro, Hwaseong.
Looking at tenant recruitment outside Hwaseong, Suwon has the most with 890 dwellings, followed by Gimpo (875 dwellings), Pyeongtaek·Anseong (500 dwellings), Yongin (440 dwellings), and Guri·Namyangju (400 dwellings). By region, the average rent is highest in Yongin at 272,000 won, followed by Guri·Namyangju (243,000 won), Suwon (239,000 won), Hwaseong (226,000 won), Pyeongtaek·Anseong (217,000 won), and Gimpo (191,000 won).
A Jippoom official said, "In March, LH national rental housing tenant recruitment notices come out intensively, so interest among consumers rises." Song Seung-hyeon, head of Dowha Economy, said, "Although the rental dwellings provided by LH are supplied at relatively low prices, this is a matter of housing welfare for the housing-vulnerable," adding, "Just because it is rental housing does not mean the location or residential environment is worse than that of general apartments."