Recruitment of Tenants for 5,844 Youth and Newlywed Purchase Rental Units... Move-in by End of August

[Asia Economy Reporter Moon Jiwon] The Ministry of Land, Infrastructure and Transport announced on the 20th that it will begin recruiting tenants for 5,844 purchase rental housing units for youth and newlyweds starting from the 2nd of next month.

To increase predictability for applicants, the government conducts recruitment announcements by consolidating recruitment details from Korea Land and Housing Corporation (LH) and local urban corporations. This recruitment is the second round for this year, with the third round scheduled for September and the fourth round in November.

The recruitment volume this time is a total of 5,844 units, including 2,490 units for youth and 3,354 units for newlyweds. Youth and newlywed applicants will undergo qualification verification and are expected to move in from the end of August.

Youth purchase rental housing is supplied as fully equipped units (1,988 units supplied by LH) with air conditioners, refrigerators, washing machines, etc., considering the housing characteristics of youth who frequently move for job preparation and proximity to work. Residents can live for up to six years at 40-50% of the market price.

Newlywed purchase rental housing is supplied in Type I (1,691 units), where residents can live in multi-family houses at 30-40% of the market price, and Type II (1,663 units), where residents can live in apartments or officetels at 60-80% of the market price.

For the youth (1,988 units) and newlywed (2,954 units) purchase rental housing recruited by LH, inquiries can be made through the announcement posted on the LH subscription center website after the 22nd and the My Home call center.

Specific eligibility and other details for the youth and newlywed purchase rental housing (902 units) recruited by Seoul Housing and Communities Corporation, Incheon Urban Corporation, and Jeonju City can be found in the announcements posted on the respective institutions' websites.

Jung Suho, head of the Public Housing Support Division at the Ministry of Land, said, "We plan to supply about 30,000 purchase rental housing units for youth and newlyweds this year to alleviate the housing cost burden for the younger generation," adding, "As many universities are expected to start face-to-face classes from the second semester, we hope that the youth purchase rental housing available from the end of August will become a warm home for university students and others."