Seoul One-Room Jeonse Prices Soar 10%... "Seocho, Gangnam, Yongsan, Gangseo Over 200 Million Won"

[Asia Economy Reporter Im On-yu] In Seoul, not only apartment but also one-room rental prices for multi-family and row houses have risen by nearly 10% over the past year.

On the 4th, real estate platform Dabang analyzed June rental transactions for multi-family, row houses, and detached/multi-household homes in Seoul. The average deposit for one-room units under 30㎡ (exclusive area) was found to be 168.83 million KRW, a 9.3% increase compared to the same period last year.

Seocho-gu had the highest one-room rental deposit at 267.21 million KRW, followed by Gangnam-gu (244.83 million KRW), Yongsan-gu (207.26 million KRW), and Gangseo-gu (207.15 million KRW).

The number of districts where one-room rental deposits exceeded 200 million KRW increased from two last year?Seocho-gu (246.76 million KRW) and Gangnam-gu (208.42 million KRW)?to four this year. Yangcheon-gu (199.85 million KRW) and Songpa-gu (196.93 million KRW) also approached the 200 million KRW mark.

The area with the largest increase in rental prices was Gangbuk-gu (98.21 million KRW), rising 45.9% over one year. Geumcheon-gu (26.7%, 172.75 million KRW), Seongbuk-gu (25.6%, 152.57 million KRW), and Guro-gu (22.0%, 168.24 million KRW) also showed increases exceeding 20%.

A Dabang representative analyzed, "In Gangbuk-gu, active transactions of newly built villas centered around Suyu and Mia-dong, and in Geumcheon-gu around Siheung and Doksan-dong, influenced the overall rise in rental prices."

The average rental deposit for officetels under 30㎡, which have a similar demand base as one-room units, was also 179.76 million KRW, up 7.2% from a year ago.

Officetels sized 30?45㎡, mainly supplied as separated or two-room units, saw an increase of 10.3% to 247.31 million KRW.

The highest officetel rental deposit was in Yangcheon-gu, where Mokdong is located, at 353.78 million KRW, up 10.3% from the previous year, followed by Yongsan-gu (293.81 million KRW), Gwangjin-gu (268.48 million KRW), and Gangnam-gu (265.88 million KRW).

A Dabang representative said, "Due to landlords’ preference for monthly rent, rental listings for deposits have become scarce, and as apartment rental prices rise, non-apartment rental prices have also increased accordingly."