Youth, Newlywed and Newborn Purchase Rental Housing 3rd Tenant Recruitment Starts from the 26th

Move-in Starts from December This Year

The Ministry of Land, Infrastructure and Transport will begin recruiting tenants for purchase rental housing for youth and newlywed/newborn households in 15 cities and provinces nationwide starting from the 26th.

The recruitment scale includes 1,812 households for youth and 1,571 households for newlywed/newborn families, totaling 3,383 households. After verifying applicant qualifications, move-in can begin as early as early December this year.

Purchase rental housing is a type of public rental housing directly supplied by public housing providers such as Korea Land and Housing Corporation (LH), who either newly build or purchase high-quality housing in excellent urban locations.

Since purchase rental housing is supplied directly by the public sector, residents can live for a long period at affordable rents without worrying about jeonse fraud. It is expected to contribute to stabilizing the non-apartment jeonse market in the metropolitan area, which has been sluggish due to jeonse fraud.

In the third quarter of this year, 1,620 households will be recruited in the metropolitan area (Seoul 461 households, Gyeonggi 506 households, Incheon 653 households).

In fact, the average competition rate for the second round of purchase rental housing recruitment in the metropolitan area reached 121:1 for youth and 11:1 for newlywed/newborn households, and in Seoul, 217:1 for youth and 17:1 for newlywed/newborn households.

Youth purchase rental housing is supplied to unmarried youth without home ownership, allowing them to live for up to 10 years at a rent level of 40-50% of market prices.

Newlywed/newborn purchase rental housing is supplied to home-owning newlywed couples and is divided into 'Newlywed/Newborn I' type (892 households) at 30-40% of market prices and 'Newlywed/Newborn II' type (679 households) at 70-80% of market prices.

The Newlywed/Newborn I type targets households with a monthly average income of 70% (90% for dual-income) or less of urban workers' households, while the Newlywed/Newborn II type targets households with 100% (120% for dual-income) or less.

Newborn households are recruited as first-priority tenants and given preferential supply. Newlywed couples married within 7 years, prospective newlywed couples, and households raising children under 6 years old can also apply for newlywed/newborn purchase rental housing.

Purchase rental housing with a sale conversion option, allowing tenants to choose whether to purchase after at least 6 years of rental residence, is expected to be announced as early as November.

Recruitment will be divided into the Dundeun Jeonse type, supplied at 90% of market price regardless of income or asset requirements, and the monthly rent type, supplied to those who meet the eligibility for Newlywed/Newborn I and II types.

The youth (1,571 households) and newlywed/newborn (1,521 households) purchase rental housing recruited by LH can be checked on the LH Subscription Plus platform starting Thursday, September 26.

Kim Do-gon, Director of the Housing Welfare Support Division at the Ministry of Land, Infrastructure and Transport, stated, “As the supply of newly built purchase rental housing is greatly expanded, we will do our best to promptly supply high-quality newly built purchase rental housing in excellent locations.”