Supply of 5,775 Purchase Rental Housing Units for Youth and Newlyweds

The Ministry of Land, Infrastructure and Transport announced that starting from the 23rd, it will begin recruiting tenants for the first purchase rental housing of the year targeting youth and newlyweds in 16 cities and provinces nationwide.

The recruitment volume for this purchase rental housing is 2,020 units for youth and 3,755 units for newlyweds, totaling 5,775 units. After qualification verification for applicants, move-in can begin as early as early June. The volume by region includes 1,415 units in Seoul, 1,300 units in Gyeonggi, and 1,133 units in Incheon.

Youth purchase rental housing is fully equipped with air conditioners, refrigerators, washing machines, etc., considering the housing characteristics of youth. The rent is about 40-50% of the market price, and residents can stay for up to 6 years.

For unmarried youth without housing (aged 19-39), the move-in priority is determined according to income level. Newlywed purchase rental housing is divided into Type I (2,055 units), where residents can live in multi-family houses, etc., at 30-40% of the market price, and Type II (1,700 units), where residents can live in apartments, officetels, etc., at 60-80% of the market price.

Applications are open to newlyweds within 7 years of marriage, prospective newlyweds, and households raising children aged 6 or younger. Even if not newlyweds, those who meet the eligibility criteria can apply for Type II.

The Korea Land and Housing Corporation (LH) has posted announcements for youth (1,822 units) and newlywed (2,275 units) purchase rental housing recruitment on the LH subscription center website starting today. Telephone consultations are also available through the LH call center.

Eligibility and other details for youth and newlywed purchase rental housing (youth 198 units, newlywed 1,480 units) recruited by Seoul Housing and Communities Corporation, Incheon Urban Corporation, and Gyeonggi Housing and Communities Corporation can be found on the respective organizations' websites.

The government plans to supply a total of 22,063 units of youth and newlywed purchase rental housing this year.