LH Starts Subscription for Youth and Newlywed Purchase Rental Housing from the 3rd

Youth 2022 Units, Newlywed Couples 2394 Units Supplied

From the 3rd, subscription applications for 4,416 rental purchase housing units for youth and newlyweds will be accepted.

On the 2nd, Korea Land and Housing Corporation announced that starting from the 3rd, it will begin accepting subscription applications for rental purchase housing, a type of public rental housing supplied at rents lower than market prices by purchasing newly built or existing houses in urban areas for non-homeowners such as youth and newlyweds.

A view of a purchased rental housing in Seoul. [Photo provided by LH]

By type, there are ▲2,022 youth rental purchase housing units ▲2,394 newlywed rental purchase housing units. By region, 2,395 units will be supplied in the metropolitan area including Seoul, Gyeonggi, and Incheon, and 2,021 units in other regions.

Youth rental purchase housing is supplied to youth aged 19 to 39, with rental conditions at about 40-50% of nearby market prices. Reflecting the demand of youth who frequently relocate due to studies or employment, the units are supplied equipped with home appliances such as refrigerators, washing machines, and air conditioners.

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

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

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

Subscription applications must meet the specified non-homeowner requirements and income and asset criteria for each type. The announcement of successful applicants is scheduled for mid-May, and move-in is planned after qualification verification and contract signing from June onwards.

Since the subscription application deadline and schedules vary by regional headquarters and type, the exact schedule should be confirmed by checking the announcement posted on the LH Subscription Center.

The announcement of successful applicants is scheduled for mid-May, and after qualification verification and contract signing, move-in will be possible from June onwards.

Ha Seung-ho, Head of the LH National Housing Welfare Headquarters, said, “We expect LH rental purchase housing to become a safe and comfortable home for youth and newlyweds who are struggling to secure housing due to recent rental fraud and rising loan interest rates,” and added, “We will continue to do our best to stabilize housing for various demand groups.”