Apartment Move-in Volume Plummets... 28,000 Households Nationwide to Move In Next Month

14,383 Households in the Capital Area, 13,756 Households in Provinces
10,000 Fewer Households Compared to Last Month... Rising Jeonse Prices

The number of apartment move-ins scheduled for next month is expected to decrease by more than 10,000 units compared to the previous month, totaling about 28,000 units.

According to Real Estate R114 on the 25th, the nationwide apartment move-in volume scheduled for February this year is 28,139 units (including rentals, across 54 complexes). This is similar to the average monthly move-in volume this year (27,678 units), but compared to the previous month (40,246 units), it decreased by 12,107 units. This decline is due to a reduction in move-in complexes in regions excluding Daegu, Gwangju, Daejeon, and Chungbuk.

In the metropolitan area, 14,383 units are scheduled for move-in. The order is ▲Gyeonggi (11,430 units) ▲Incheon (2,360 units) ▲Seoul (593 units). In Gyeonggi Province, which has the largest volume, large complexes and public housing (public sale and public rental) will begin move-ins, including Yangju Okjeong-dong’s ‘Yangju Okjeong Lin Famille A1 (2,049 units)’, Suwon Geumgok-dong’s ‘Suwon Dangsu A2 (1,150 units)’, and Pyeongtaek Seojeong-dong’s ‘Hillstate Pyeongtaek The First (1,107 units)’. In Incheon, three complexes in Geomdan New Town, including Seo-gu Dangha-dong’s ‘e-Pyeonhansesang Geomdan Urban Centro (822 units)’, and in Seoul, one complex in Gangdong-gu Sangil-dong, ‘e-Pyeonhansesang Godeok Urban Bridge (593 units)’, are scheduled for move-in.

The scheduled move-in volume in provincial areas is 13,756 units. The breakdown includes ▲Gwangju (3,067 units) ▲Daejeon (2,427 units) ▲Gyeongnam (1,914 units) ▲Chungnam (1,809 units). Gwangju’s volume is the highest since September 2022 (3,093 units), and Daejeon’s is the highest since November 2021 (6,134 units). Representative complexes include Gwangju Buk-gu Imdong’s ‘Geumnam-ro Jungheung S-Class & Doosan We’ve The Zenith (2,240 units)’ and Daejeon Daedeok-gu Wadong’s ‘Daedeok Brownstone (910 units)’.

Due to the decrease in supply, the demand for jeonse (long-term lease) is expected to increase, leading to a rise in jeonse prices. Real Estate R114 explained, “As the spring moving season approaches, an increase in jeonse demand is expected, but since the February move-in volume decreased by more than 10,000 units compared to the previous month, the scarcity value of new apartments will be highlighted by region. With high interest rates still imposing a heavy interest burden and tightening loan regulations causing a cooling atmosphere in the sales market, the number of people preferring to live in jeonse rather than purchasing apartments is increasing, so the overall trend of rising jeonse prices is likely to continue.”