Gyeongsangnam-do Province has decided to expand the supply of youth purchase rental housing to 20 units this year for homeless and low-income young people in the province.
The 'Youth Purchase Rental Housing Project' is a system that purchases houses in areas with high demand from young people, such as downtown and near universities, where public transportation is convenient, and rents them out at a low price to homeless youth. The rent is about 50% cheaper than the market price.
Gyeongnam Province started the project in 2022 by purchasing 20 officetels in downtown Changwon and has supplied 10 units annually until last year.
In the 2023 recruitment for 10 tenants, 82 people applied, recording a competition rate of 8.2 to 1.
This year, a total of 2.4 billion KRW will be invested, including 900 million KRW in national government funds, 400 million KRW from the provincial government, 1 billion KRW in fund loans, and 100 million KRW in other capital, to supply 20 youth rental housing units.
The purchase targets are houses within 15 years of building age and with a residential exclusive area of 85㎡ or less, including detached houses, multi-family houses, and residential officetels of national housing scale.
The tenants eligible are young people aged 19 to 39, including university students and job seekers.
The province plans to supply the houses equipped with home appliances such as refrigerators, washing machines, and air conditioners according to housing conditions to meet the needs of young people who frequently move due to reasons such as study and employment.
Reflecting the steady demand from young people for rental housing with good accessibility in downtown areas, the supply volume has been expanded to 20 units this year and will continue to increase steadily in the future.
The tenant recruitment announcement is scheduled to be made between October and November. Applications can be submitted online during the announcement period through the Gyeongnam Development Corporation and Gyeongsangnam-do official websites or by visiting in person.
Gwak Geun-seok, Director of the Urban Housing Bureau, said, “Through the Youth Purchase Rental Housing Project, we will do our best to reduce the housing cost burden for young people living in Gyeongnam and make Gyeongnam a better place for youth to live.” He added, “We will continue to discover youth housing policies that many young people can feel and strive to create better living conditions.”
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