Measures Reflecting Enforcement Rules of Special Act on Private Rental Housing
Priority for Single-Person Households Raised from 1.33 Million Won to 2.65 Million Won
[Asia Economy Reporter Onyu Lim] The Seoul Metropolitan Government announced on the 23rd that it will change the income criteria for applicants of Yeoksegwon Youth Housing to expand housing opportunities for actual demanders.
Yeoksegwon Youth Housing is a mixed form of public rental and private rental housing, with private rental housing divided into special supply and general supply. Among these, the subscription ranking for the two types excluding the private rental general supply is determined according to income level.
The income criteria for the 1st, 2nd, and 3rd priority special supply of private rental housing will change from 50%, 100%, and 120% or less of the average monthly income of urban workers to 100%, 110%, and 120% or less of the average monthly income per household member of urban workers. The maximum allowed by law was applied.
According to the revised Seoul city standards, the 1st priority income criterion for a single-person household this year is about 2.65 million KRW, which is similar to the previous standard (about 2.7 million KRW).
The income criteria adjustment reflects the enforcement rules of the Special Act on Private Rental Housing revised in May this year. The revised enforcement rules changed the income criteria for private rental special supply from the average monthly income per household of urban workers to the average monthly income per household member.
However, before the revision of the enforcement rules, the 1st priority income criterion for a single-person household was about 2.7 million KRW, but after the revision, it was reduced by more than half to about 1.33 million KRW, leading to criticism that young workers such as office workers find it difficult to qualify for residency.
Seoul city decided to apply the new income criteria from the supply announced after the 17th of this month.
Seoul city also changed the income criteria for public rental housing among Yeoksegwon Youth Housing to be the same as the private rental special supply, so that as many young people as possible can qualify for residency.
The previous criteria of 50%, 70%, and 100% or less of the average monthly income of urban workers will be applied as 100%, 110%, and 120% or less of the average monthly income per household member of urban workers.
Kim Seongbo, head of the Housing and Architecture Headquarters of Seoul city, said, "As interest in Yeoksegwon Youth Housing has recently increased, we wanted to significantly expand the doors so that more young actual demanders can have housing opportunities."
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