LH to Recruit Tenants for 525 Units of Youth Hope Rental Housing REIT Public Rental Housing

[Asia Economy Reporter Lee Chun-hee] Korea Land and Housing Corporation (LH) is recruiting tenants for public rental housing for young people and newlyweds.

On the 18th, LH announced that it is recruiting tenants for 525 public rental housing units consisting of apartments and other multi-family housing purchased by the Youth Hope Rental Housing REITs established with investment from the Housing and Urban Fund. LH acts as the asset management company for the REITs, overseeing housing supply, management, and operation.

All units offered are 59㎡ (exclusive area) or smaller. By region, there are ▲171 units in the metropolitan area (1 in Seoul, 143 in Gyeonggi, 27 in Incheon) ▲127 units in Busan, Ulsan, and Gyeongnam ▲35 units in Daegu and Gyeongbuk ▲129 units in Daejeon, Chungnam, and Chungbuk ▲38 units in Gwangju, Jeonnam, and Jeonbuk ▲25 units in Gangwon.

Eligibility requires that, as of the announcement date, the household’s average monthly income is 100% (120% for dual-income households) or less of the previous year’s average monthly income by household size for urban workers. There are also asset criteria: owned real estate must have a publicly announced price of 215.5 million KRW or less, and the vehicle value must be 27.64 million KRW or less. For a three-person household, the previous year’s average monthly income is 5,626,897 KRW at 100% and 6,752,276 KRW at 120%.

However, for newly constructed housing being rented for the first time, the income criteria are expanded to 120% (140% for dual-income households), and the vehicle value limit is increased to 33.16 million KRW. Income criteria are also raised for one- and two-person households: 120% (3,174,176 KRW) for one-person households and 110% (4,817,790 KRW) for two-person households.

The rental period is two years. Rent is set at about 90% of the regional market rental price. If eligibility is maintained, tenants can renew up to four times, allowing for stable long-term residence.

Applications will be accepted online via the online subscription center or the mobile application (LH Subscription Center) for five days from the 25th to the 29th. After eligibility screening, preliminary candidates will be announced in early next month, with contracts and move-ins scheduled for April.

To prevent the spread of COVID-19 and for applicants’ convenience, LH will accept applications and document submissions both online and by mail. Cleaning support will also be provided for each household before move-in.

For detailed information such as eligibility and housing floor plans, please check the tenant recruitment announcement posted on the LH Subscription Center or contact the My Home Call Center or the local branch of the Housing Management Corporation.