"Guests Are This Few for the First Time" Empty University Area One-Room Apartments

On the 11th, the area around one-room apartments near Yonsei University in Seodaemun-gu, Seoul is quiet. Photo by Ryu Taemin

On the afternoon of the 16th, the area near Anam Station on Seoul Subway Line 6, where Korea University is located in Seongbuk-gu, Seoul, was quiet. Unlike previous year-ends when students were bustling around trying to find off-campus housing in advance, the scene was different this time. Notices reading 'One-room for rent' and 'Vacant room available' were posted in various places in front of buildings. The representative of A Real Estate Agency, specializing in one-room rentals in this area, said with a troubled expression, "It's the first time in 10 years that there are this few customers."

Efforts to Normalize Classes, Increase in Ultra-Short-Term Contracts of One or Two Months

According to the industry on the 17th, the prolonged COVID-19 pandemic has pushed the one-room rental market around university areas in Seoul to the brink of collapse. Most universities conducted classes online this year, and with the recent third wave of COVID-19, the possibility of returning to normal next year is low, resulting in a disappearance of demand for the new semester.

The representative of A Real Estate Agency said, "Monthly rental rooms are not being rented out, and even existing provisional contract holders are canceling their contracts, leaving many rooms vacant," adding, "In some one-room units, there are more foreign students attending language institutes than domestic students."

As uncertainty about the normalization of classes continues, 'ultra-short-term contracts' on a monthly basis are increasing. Seongmo (68), who has been renting one-room units in Huigyeong-dong, Dongdaemun-gu, where Kyung Hee University and Hankuk University of Foreign Studies are concentrated, for 12 years, said, "Rental income has dropped to one-third of the usual level this year," and added, "Usually, contracts are made for six months or one year according to the semester schedule, but recently, more students want short-term contracts of one to three months."

Monthly Rent Prices Also Plummet... One-Room Rent near Hongik University Down by 60,000 Won Compared to Early Year

The situation was different in Sinchon, where there is a high demand from single workers with offices in the city center. The representative of B Real Estate Agency in this area said, "While the demand for one-room units from university students has decreased, the demand for jeonse (long-term deposit lease) from office workers remains steady." In particular, the recent government policy providing up to 100 million won in deposit support for young people has significantly increased the number of young workers looking for affordable jeonse near universities. In fact, during the reporter's visit, phone inquiries for jeonse houses continued steadily.

Meanwhile, monthly rent prices for one-room units around university areas in Seoul are on a downward trend. According to the data analysis center of the real estate platform Dabang, last month, the monthly rent for one-room units near Hongik University (exclusive area under 33㎡, with a deposit of 10 million won) was 470,000 won, down 60,000 won from the beginning of the year. The same trend was observed at Korea University (440,000 won → 420,000 won), Hanyang University (480,000 won → 460,000 won), Kyung Hee University (470,000 won → 450,000 won), and Yonsei University (500,000 won → 460,000 won). The average monthly rent for one-room units in Seoul also dropped by 80,000 won from the beginning of the year to 470,000 won, marking the lowest price since data collection began in 2018.