Suncheon-si Resolves Fixed Date Issue at Once with 'Housing Lease Report'

Mandatory Reporting of Lease Contracts Exceeding 60 Million Won Deposit or 300,000 Won Monthly Rent

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Suncheon City, Jeollanam-do (Mayor Heo Seok) announced on the 18th that it will launch the ‘Housing Lease Reporting System’ starting from the 1st of next month.

The Housing Lease Reporting System is designed to assist rational decision-making through transparent disclosure of housing lease market information. Upon reporting, a confirmed date is automatically assigned, thereby protecting the tenant’s rights as well.

The reporting target includes lease contracts for housing where the deposit exceeds 60 million KRW or the monthly rent exceeds 300,000 KRW. Contract parties must report within 30 days from the contract signing date.

However, renewal contracts that only extend the period without changing the amount are excluded from the reporting requirement.

While it is standard for both landlord and tenant to report jointly, for convenience, if one party submits the original lease contract, it is considered jointly reported, and a confirmed date is assigned simultaneously with the lease contract report.

Housing lease contracts can be reported by visiting the administrative welfare center of the relevant eup, myeon, or dong where the housing is located, or through the online real estate transaction management system.

If the report is not submitted within the deadline, a fine of up to 1 million KRW may be imposed.

However, considering citizens’ adaptation period, a one-year guidance period will be operated from the enforcement date.

A city official stated, “Simply reporting the housing lease will enable protection of tenants’ rights such as deposits through linkage with the confirmed date, and the disclosure of lease amount information is expected to increase transparency in the lease market.”