Long-term Residence at Half Market Price... 3,310 Rental Housing Units for Youth and Newlyweds Open for Application

Youth Purchase Rental Housing Supplied in Seocho-gu, Seoul in 2021 (Iris Yedang)

Korea Land and Housing Corporation (LH) announced on the 3rd that subscription applications for the 3rd round of 2022 youth and newlywed purchase rental housing tenants will be accepted starting from the 4th.

'Purchase rental housing' refers to public rental housing where LH purchases newly built or existing houses in urban areas and rents them out to non-homeowners such as youth and newlyweds at rental conditions cheaper than market prices. Tenants are regularly recruited quarterly every year.

LH supplied 7,181 units through the 1st and 2nd regular recruitments conducted in the first half of this year, and will supply a total of 3,310 units in 76 cities, counties, and districts nationwide through this 3rd regular recruitment of 2022.

By type, △ 2,018 units of youth purchase rental housing △ 1,292 units of newlywed purchase rental housing will be supplied, and by region, 1,458 units in the Seoul metropolitan area including Seoul, Gyeonggi, and Incheon, and 1,852 units in other regions.

'Youth purchase rental housing' is housing supplied to youth aged 19 to 39, with rental conditions at about 40 to 50% of nearby market prices.

In particular, for the 3rd youth purchase rental housing recruitment (excluding dormitory type), the conversion ratio of rent to rental deposit has been increased from the existing 60% to 80%, allowing for a higher deposit and further reducing the rent burden.

'Newlywed purchase rental housing' is housing supplied to newlyweds within 7 years of marriage, prospective newlyweds, and others. It is divided into 'Newlywed I,' which supplies multi-family houses at 30 to 40% of market prices, and 'Newlywed II,' which supplies apartments and officetels at 70 to 80% of market prices.

In the case of Newlywed II, in addition to (prospective) newlyweds, general married households can also apply. It features a quasi-jeonse type where 80% of the basic rental condition is paid as a deposit and 20% as monthly rent, reducing the monthly rent burden.

The maximum residence period is up to 6 years for youth purchase rental housing, up to 20 years for Newlywed I purchase rental housing, and up to 6 years for Newlywed II purchase rental housing, with up to 10 years allowed if there are children.

Subscription applications are possible if the applicant meets the non-homeowner requirement and income and asset criteria among the eligible tenants. The non-homeowner requirement, income, and asset criteria vary depending on the housing type.

Additionally, since the supply schedule differs by regional headquarters and type for this recruitment, applicants must check the exact application dates and other details in the announcement posted on the LH Subscription Center before applying.

The announcement of successful applicants is scheduled for the end of November, and after tenant qualification verification and contract signing, move-in is possible from December onwards.

For more detailed information, applicants can refer to the type-specific announcements posted on the LH Subscription Center, and telephone consultations are also available through the LH Call Center.