[2022 Asia Construction Awards] Booyoung Housing, Largest Supply of Rental Housing... Housing Ladder for the Homeless

Asia Economy Grand Prize - Customer Satisfaction Category

[Asia Economy Reporter Noh Kyung-jo] Booyoung Housing Co., Ltd., which received this year's Asia Economy Representative Award in the customer satisfaction category, supplies the largest number of rental apartments in Korea, serving as a 'housing ladder' to help the homeless secure their own homes. The company is also leading efforts to change perceptions of rental housing and improve customer satisfaction services and the quality of living to promote convenient residential life.

Since starting its housing business, Booyoung Housing Co., Ltd. has focused on developing apartments with sturdy structures and convenient living spaces. To date, it has supplied about 300,000 apartment units nationwide, of which approximately 230,000 are rental apartments. Based on the philosophy of Booyoung Group founder Chairman Lee Joong-geun that the purpose of a home is 'residence' rather than 'ownership,' the company provides modest but livable and comfortable homes, contributing to the development of Korea's residential culture.

The average residency period of Booyoung rental apartment tenants is 5.2 years, which is two years longer than the national average for jeonse and monthly rent households (3.2 years, according to the 2021 Ministry of Land, Infrastructure and Transport survey). This far exceeds the maximum four years guaranteed by tenants' right to renew contracts, indicating a significant contribution to housing stability for jeonse and monthly rent households.

A representative of Booyoung Housing Co., Ltd. said, "As concerns about 'empty jeonse' increase amid the recent real estate market downturn, Booyoung rental apartments have gained a reputation as safe apartments with no risk of losing deposits. Anyone without a home can apply, and most residents are guaranteed a 10-year residency period."

Jincheon Minister Complex 1st District 'Booyoung Sarangro Daycare Center' Parent Participation Activity Education Scene.
[Photo by Booyoung Housing Co., Ltd.]

The company is also proactive in coexisting with its residents. Since 2018, when jeonse and monthly rent prices surged, Booyoung Housing Co., Ltd. has frozen rents for 37,572 units across 51 complexes nationwide for three years, and through the rent-free 'Booyoung Sarangro Daycare Center,' it has reduced childcare costs for parents.

Instead of rent, the daycare center's fees are used for event costs, field trips, teaching materials, and special activity expenses. This is based on the belief that social issues such as low birth rates, aging population, and work-family balance can be addressed through childcare services. These efforts have been praised as setting a new standard for residential welfare, creating apartments where parents can raise children with peace of mind.

Furthermore, at the group level, domestic and international social contribution activities are actively carried out, with donations totaling about 1 trillion won to date. The company also practices Environmental, Social, and Governance (ESG) management activities firsthand.