LH Records 3.4 to 1 Competition Rate for Jeonse-Type Public Rental Housing Applications

5,0235 Applicants for 14,843 Nationwide Units Including 5.9:1 in Capital Area and 2.1:1 in Provincial Areas
Winners Announced After Document Submission and Qualification Verification by End of January, Sequential Move-in from Late February

[Asia Economy Reporter Jo Gang-wook] Korea Land and Housing Corporation (LH) announced on the 25th that a total of 50,235 applicants submitted applications for 14,843 jeonse-type public rental housing units announced last month, recording an average competition rate of 3.4 to 1.

The jeonse-type public rental housing is a type of rental housing announced by the government last November as part of the "Support Plan for Housing Stability for Low-income and Middle-class" policy. It is characterized by increasing the deposit ratio up to 80%, similar to jeonse, to reduce the monthly rent burden. The rent is affordable, at 70-80% or less of the market price.

LH recruited tenants by region for a total of 14,843 jeonse-type housing units nationwide, including 12,337 construction-type units and 2,506 purchase-type units, over three days from the 18th to the 20th. With a total of 50,235 applicants, the subscription ended with an average competition rate of 3.4 to 1 nationwide.

In the metropolitan area, the construction rental, which consists entirely of apartments, had 10,784 applicants for 3,949 units, showing a competition rate of 4.3 to 1.

In particular, the purchase rental, composed of apartments and multi-family and multi-unit houses, attracted 12,530 applicants for 1,058 units, recording an average competition rate of 11.8 to 1.

In the provinces, the construction rental (8,388 units) showed a competition rate of 2.7 to 1, and the purchase rental (1,448 units) showed 6.8 to 1.

The winners of the subscription will be announced on March 5. Contracts are scheduled from March 17 to 19, and immediate move-in is possible upon completion of the balance payment within the designated move-in period after contract signing. For the first priority purchase rental jeonse-type housing for livelihood and medical benefit recipients, the winners will be announced on the 18th of next month, with contracts to be signed and move-in to proceed sequentially after the 26th.

An LH official said, "To alleviate housing instability for low-income and middle-class households struggling with the jeonse crisis, we plan to continuously secure additional quantities of jeonse-type public rental housing and supply them steadily."