Decrease in Jeonse and Wolse Listings Across 13 Metropolitan Cities and Provinces Nationwide
Recently, tenants' housing insecurity has been intensifying. This is due to rising jeonse and monthly rent prices as well as a decrease in available listings.
The issue is expected to worsen as the second half of this year approaches, with the expiration of jeonse contracts that were renewed once in 2022 under the contract renewal request right, leading to further increases in jeonse prices and thus exacerbating tenants' housing insecurity.
According to real estate big data company Asil, as of early July, the number of jeonse and monthly rental listings has noticeably decreased over the past three months. Among the 17 metropolitan cities and provinces nationwide, 13 saw a decline in rental listings, with seven regions including Gwangju, Seoul, and Chungnam experiencing a reduction of over 10%.
The decrease in listings naturally leads to rising jeonse and monthly rent prices. The monthly apartment jeonse index and monthly rent integrated index provided by the Korea Real Estate Board have recorded positive change rates for nine consecutive months from August last year to May this year.
While tenants' ultimate goal is to own their own home, resolving housing insecurity beforehand is crucial. Recently, repeated jeonse frauds by individual landlords have further heightened tenants' anxieties. Although suspects have been arrested and punished, it remains uncertain when and where such damages might occur again. In this situation, it is important to select complexes where tenants can live stably during the lease period without significant rent increases.
Industry insiders evaluate ‘long-term private rental’ housing, which combines rationality and stability, as a suitable residential product in this market atmosphere. ‘Long-term general private rental’ refers to rental housing supplied by the private sector rather than public entities (such as LH or local public corporations), featuring low subscription barriers, no tax burdens, and housing stability.
First, since no subscription savings account is required, any Korean citizen aged 19 or older can apply regardless of homeownership status. Because it is a rental, not a purchase, no acquisition tax, property tax, or comprehensive real estate tax is incurred, and rent increases are limited to within 5% annually during the 8 to 10-year lease period. Additionally, the landlord is a corporation (such as a construction company), not an individual landlord, and the rental deposit is safely protected through guarantee insurance provided by the Housing and Urban Guarantee Corporation.
Moreover, some complexes grant tenants priority rights to decide on acquisition (purchase) when converting to sale after the lease period ends, attracting demanders who want to own a home under reasonable conditions.
Amid this, a long-term general private rental apartment complex with excellent location, brand, and product value is being supplied in Asan City, the Samsung Display urban area in Chungnam, drawing attention.
The complex is ‘The Sharp Tangjeong Infinity City Phase 2,’ which proved its value by attracting about 19,000 applicants for general sale units in May this year. This month, it is offering long-term general private rental units.
‘The Sharp Tangjeong Infinity City Phase 2’ is built with 9 buildings ranging from 2 basement floors to a maximum of 35 floors above ground, totaling 1,214 households. Among these, 164 units are long-term general private rentals, consisting of medium and small-sized units: ▲70㎡A 76 units ▲70㎡B 21 units ▲70㎡C 9 units ▲84㎡A 24 units ▲84㎡B 17 units ▲84㎡C 17 units. The general sale units numbered 1,050 and were fully sold within a short period in May with an average subscription competition rate of 30 to 1.
The ‘The Sharp Tangjeong Infinity City Phase 2 Long-term General Private Rental’ being supplied this time has a low entry barrier as a long-term general private rental housing, expected to attract diverse demand. Anyone aged 19 or older with Korean nationality can apply regardless of homeownership or subscription savings account status. Also, since applicants can apply for both 70㎡ and 84㎡ types simultaneously, the chances of winning increase. Successful applicants can freely transfer lease rights before and after moving in, and if they reside in the unit, they are granted priority rights for conversion to sale after 10 years.
The complex also boasts excellent location conditions, enhancing residential convenience. Located within the Asan Tangjeong District urban development zone, it is near Tangjeong 8 Elementary School (scheduled to open in March 2027, tentative name) and the recently conditionally approved Tangjeong 4 Middle School (tentative name), allowing for walking commutes and providing a superior educational environment. Additionally, it offers convenient transportation with Tangjeong Station on Subway Line 1 and nearby Cheonan-Asan Station (KTX, SRT), enabling fast travel nationwide.
The model house for ‘The Sharp Tangjeong Infinity City Phase 2 Long-term General Private Rental’ is located in Jangjaeri, Baebang-eup, Asan City.
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