46,000 Rental Apartments Available for Move-In Next Year Amid Jeonse Shortage

[Asia Economy Reporter Donghyun Choi] Amid soaring jeonse prices following the new Lease Protection Act, which includes the right to request contract renewal and caps on jeonse and monthly rent, interest in rental apartments is growing among demand groups suffering from housing instability. Approximately 46,000 rental apartments will be available for immediate move-in next year, an increase of about 30,000 units compared to this year.

According to Real Estate 114 Labs on the 14th, nationwide rental apartments scheduled for move-in in 2021 total 46,177 units, about 30,000 more than this year's 15,169 units. Gyeonggi-do has the largest number with 18,552 units, followed by Jeollanam-do with 4,817 units, Chungcheongnam-do with 4,663 units, Seoul with 3,096 units, and Chungcheongbuk-do with 2,567 units.

Since the implementation of the new lease law, jeonse listings have sharply decreased not only in Seoul and the metropolitan area but also in provincial regions, causing prices to continuously rise. In this situation, those without homes should consider rental apartments available for immediate move-in next year.

Daewoo Construction is launching the publicly supported private rental apartment "Unseo Station Prugio The Sky" this month at 1778 Unnam-dong, Jung-gu, Incheon (Yeongjong Sky City A12 Block), with move-in available in August next year. The complex consists of 17 apartment buildings with 1,445 units, ranging from basement level 2 to 25 floors above ground. It is composed of small to medium-sized units ranging from 62 to 84㎡ (exclusive area), which is rare for rental apartments. The complex will include a life care center for residents, a golf practice range and sauna, a greenery caf?, a healthcare center, a sunken garden, a healing zone, car sharing, and a fitness center. Additionally, a public childcare center and a communal childcare sharing space will be installed, where parents raising children can share childcare burdens through joint activities and communication with neighbors in an open community space.

Youngmoo Construction is introducing the 8-year jeonse-type private rental apartment "Songhak-dong 2nd Youngmoo Yedam" this month in the Songhak-dong area of Iksan-si, Jeollabuk-do, with move-in available in the first half of 2021. It consists of 117 units of a single 59㎡ size. It is conveniently located near KTX·SRT Iksan Station, Iksan Public Bus Terminal, National Routes 23 and 27, Seohaean Expressway, and Honam Expressway, facilitating easy transportation within and outside the city. Nearby amenities include Nonghyup Hanaro Mart, Jungang Market, E-Mart, Lotte Cinema, Mohyeon Park, a multipurpose gymnasium (scheduled for completion), post office, police station, and Iksan City Hall, enabling convenient living.

Lotte Construction's "Doksan Station Lotte Castle" private rental apartment, supplied in 2017 in the Doksan-dong 1005 area of Geumcheon-gu, Seoul, is also scheduled for move-in in May next year. Additional resident recruitment will be conducted early next year only for contract cancellations. The complex consists of 8 buildings from basement level 4 to 35 floors above ground, with 919 units sized 59 to 84㎡, located near Doksan Station on Subway Line 1. In addition, ▲Pyeongtaek Godeok Eoullim Square ▲Busan Gupyeong Jungheung S-Class ▲Gangdong Rien Park 11 Complex are also scheduled for move-in next year.