Gangwon-do Extends Guidance Period for 'Housing Lease Reporting System' by One Year

Lease Contract Exceeding 60 Million Won Deposit or 300,000 Won Monthly Rent

[Image source=Yonhap News]

[Asia Economy Reporter Ra Young-cheol] Gangwon Province announced on the 26th that it will extend the guidance period for the "Housing Lease Reporting System," which has been in effect and operation since June 1 of last year, by one year until May 31, 2023, to ensure its stable establishment.

This decision was made considering that lease contracts typically last two years, and it was judged that most residents need more time for the system to settle due to the contract timing not yet arriving and insufficient promotion of the system. During the guidance period, no fines will be imposed.

The reporting target is new or renewed lease contracts (excluding re-contracts without changes in amount) concluded from June 1, 2021, the date the reporting system was implemented.

Lease contracts subject to reporting nationwide (excluding Gyeonggi Province and excluding counties in provincial areas) are those with a deposit exceeding 60 million KRW or monthly rent exceeding 300,000 KRW.

The properties subject to reporting include detached houses, multi-family houses, apartments, row houses, multi-unit houses, residential officetels, dormitories, goshiwons, and other buildings used for residential purposes.

Reporters (lessors and lessees) can visit the administrative welfare center with jurisdiction over the location of the leased residence or report online within 30 days from the date of the lease contract.

Through the lease reporting system, information such as lease price, duration, and renewal rate will be disclosed, and lessees will automatically receive a fixed date, which is expected to strengthen the protection of lessees' rights.

When lease information is disclosed like actual transaction prices for real estate sales, lessees can check information on new and renewed rents in the surrounding area before concluding a lease contract.