[2020 National Audit] SH Corporation's Available Vacant Housing Units 3,400... Twice the Previous Year

[Asia Economy Reporter Donghyun Choi] This year, the number of vacant public rental housing units available for supply in Seoul, owned by the Seoul Housing and Communities Corporation (SH Corporation), has more than doubled to around 3,400 units compared to the previous year.

According to data submitted by SH Corporation to Jin Sun-mi, a member of the National Assembly Land, Infrastructure and Transport Committee from the Democratic Party of Korea, as of August, the number of vacant public rental housing units available for supply in Seoul was 3,407 units, more than twice the 1,673 units recorded last year. Vacant public rental housing refers to apartments that have passed their originally designated rental period and have been converted to sale, where tenants have vacated and the units have been handed over to SH Corporation.

Since 2016, the number of vacant public rental housing units in construction-type rental housing has steadily increased. The supply-available construction-type rental housing units, which were 454 units in 2016, rose to 2,582 units this year. Similarly, the purchase and lease-type rental housing units surged from 50 units in 2016 to 825 units this year.

Additionally, more than 700 units of vacant public rental housing were deemed unavailable for supply due to defects or other reasons, of which over 600 units were identified as multi-family housing of the purchase rental type.

Committee member Jin Sun-mi stated, "The increase in vacant public rental housing occurring nationwide is no exception in Seoul," and emphasized, "Rather than unconditionally supplying large quantities, we need to focus more on providing high-quality housing and accurately predicting the demand of the public in housing supply."