Korea Land and Housing Corporation (LH) announced that it will begin accepting applications from the 4th for the 3rd round of 2023 youth and newlywed couple purchase rental housing tenants.
Purchase rental housing refers to public rental housing where LH purchases newly built and existing houses in urban areas and rents them out to non-homeowners such as youth and newlywed couples at rental conditions cheaper than market prices. Tenants are recruited quarterly every year.
Through this 3rd regular recruitment, LH will supply a total of 3,044 units nationwide.
By type, there are ▲1,316 youth purchase rental housing units and ▲1,728 newlywed couple purchase rental housing units. By region, 1,495 units are in the metropolitan area including Seoul, Gyeonggi, and Incheon, and 1,549 units are in other regions.
Youth purchase rental housing is supplied to youth aged 19 to 39, with rental conditions at about 40 to 50% of nearby market prices.
In particular, youth purchase rental housing is supplied equipped with home appliances such as refrigerators, washing machines, and air conditioners, reflecting the demand of young people who frequently relocate due to reasons such as studies and employment.
Newlywed couple purchase rental housing is supplied to newlywed couples within 7 years of marriage and prospective newlywed couples, and is divided into ‘Newlywed Couple I,’ which supplies multi-family houses at 30 to 40% of market prices, and ‘Newlywed Couple II,’ which supplies apartments and officetels at 70 to 80% of market prices.
The maximum residence period is up to 10 years for youth purchase rental housing, up to 20 years for Newlywed Couple I purchase rental housing, and up to 10 years for Newlywed Couple II purchase rental housing; if there are children, residence can be extended up to 14 years.
Applications for subscription are possible if the applicant meets the non-homeowner requirement and income and asset criteria, and move-in criteria vary by type. The recruitment schedule for tenants also differs by regional headquarters and type, so applicants must check the announcement posted on LH Subscription Plus for the exact schedule before applying.
The announcement of successful applicants is scheduled for the end of November, and after verification of eligibility and contract signing, move-in will be possible from early December onward.
Shin Hong-gil, Acting Head of LH National Housing Welfare Headquarters, said, "From this recruitment, the maximum residence period for youth and Newlywed Couple II types has been extended from 6 years to 10 years, so LH purchase rental housing is expected to become a reliable home for youth and newlywed couples struggling to secure housing." He added, "LH will continue to make every effort to stabilize housing for various demand groups."
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