'Seongdong Hanyang Sangsaeng Dormitory' New Semester Move-in Begins

Nation's First Win-Win Youth Housing Welfare Model 'Seongdong Hanyang Sangsaenghaksa' Begins 3rd Year Move-In... Total 42 Units Occupied Since Operation, Move-In Applications Up 20% Despite COVID-19 Non-Face-to-Face Semester... Based on High Satisfaction from Landlords and Residents, 9th Branch to Be Added in Second Half of This Year

[Asia Economy Reporter Jongil Park] Seongdong-gu (Mayor Jeong Won-oh) announced that it has completed the recruitment of residents for the 2021 cohort of the ‘Seongdong Hanyang Win-Win Dormitory’ and began the third-year move-in for 21 youth households on March 1.

The ‘Seongdong Hanyang Win-Win Dormitory,’ which is starting its third year of residency this year, is a youth housing support project that began as a pilot program nationwide in March 2019. It is a collaborative project between Seongdong-gu, Korea Land and Housing Corporation (LH), Hanyang University, and landlords that reduces students’ monthly rent burden while alleviating landlords’ vacancy concerns.

By signing a win-win agreement between Seongdong-gu and landlords, a one-room apartment near Hanyang University with an average market price of a 10 million KRW deposit and 500,000 KRW monthly rent is adjusted to increase the deposit to 30 million KRW while lowering the monthly rent to 350,000?450,000 KRW, guaranteeing landlords stable rental income.

Conversely, for resident students, a 29 million KRW deposit is supported through a low-interest loan at around 1% per annum (provided by LH), and Seongdong-gu and Hanyang University each provide 75,000 KRW monthly, totaling 150,000 KRW in rent support to ease the financial burden. This project has been evaluated as a success in resolving conflicts between the university and local community arising from the construction of Hanyang University dormitories and fostering mutual coexistence.

Since its operation, a total of 42 youth households have moved in. Despite challenges such as remote classes due to COVID-19 making school attendance difficult, applications for the Seongdong Hanyang Win-Win Dormitory increased by 20% compared to the previous year, reflecting high residential satisfaction among students.

Kim ??, a 2020 resident of the Win-Win Dormitory, said, “Hanyang University dormitories allocate 60% of their total capacity to freshmen, making it difficult for continuing students to get in. Dorm rooms require sharing with two or more students, which compromises privacy and often causes conflicts due to differing lifestyles. However, the Win-Win Dormitory offers a lower price than nearby one-room apartments, protects privacy, and allows freedom, which are great advantages.” He added, “My satisfaction level is over 80%, and many fellow students ask about the Win-Win Dormitory on Everytime (an anonymous university community), so I recommend it.”

Landlord Lim ?? also commented, “Vacancy rates for one-room apartments near Hanyang University are rising, but with the Win-Win Dormitory, I don’t have to worry about vacancies. It reduces stress about empty units and guarantees stable income, and I feel proud to be able to help students even a little.”

The district plans to expand the Seongdong Hanyang Win-Win Dormitory to second and third branches and supply nine additional units in the second half of this year.

This is expected to be an alternative for mutual coexistence in the area near Hanyang University, which is currently experiencing difficulties due to new dormitory construction.

Jeong Won-oh, Mayor of Seongdong-gu, said, “The Seongdong Hanyang Win-Win Dormitory has successfully settled through two years of operation. We will continue to focus on discovering various measures, including expanding the Win-Win Dormitory, to solve youth housing problems and create a regional culture that coexists with local residents.”