Half-Price Rental Housing... 2,562 Units for Youth and Newlyweds Now Accepting Applications

Korea Land and Housing Corporation (LH) announced on the 3rd that it will begin accepting applications from the 4th for 2,562 rental units for youth and newlywed couples.

Purchased rental housing refers to public rental housing where LH buys newly built or existing homes in urban areas and rents them out to non-homeowners such as youth and newlywed couples at rental rates lower than market prices.

By type, there are 1,238 youth purchased rental homes and 1,324 newlywed couple purchased rental homes. By region, 1,299 units are allocated to the Seoul metropolitan area including Seoul, Gyeonggi, and Incheon, and 1,263 units to other regions.

Youth purchased rental homes are supplied to youth aged 19 to 39, with rental conditions at about 40-50% of nearby market prices. Reflecting the demand of youth who frequently relocate due to studies or employment, these homes come equipped with appliances such as refrigerators, washing machines, and air conditioners.

Newlywed couple purchased rental homes are supplied to couples married within 7 years and prospective newlyweds. They are divided into 'Newlywed Couple I,' which offers multi-family homes at 30-40% of market prices, and 'Newlywed Couple II,' which offers apartments and officetels at 70-80% of market prices.

In the case of Newlywed Couple II, besides (prospective) newlywed couples, general married households can also apply. Residents can live in a quasi-jeonse type where 80% of the basic rental condition is paid as a deposit and 20% as monthly rent, reducing the monthly rental burden.

The maximum residence period is up to 6 years for youth purchased rental homes, up to 20 years for Newlywed Couple I purchased rental homes, and up to 6 years for Newlywed Couple II purchased rental homes, with up to 10 years allowed if there are children.

Applicants must meet the non-homeowner requirement as well as income and asset criteria for each type, so caution is advised.

Detailed information can be found in the announcement posted on the LH Application Center website, and winners will be announced at the end of next month.

After verification of eligibility, residents can move in after September.