Recruitment of Tenants for 3,127 Youth, Newlywed, and Newborn Purchase Rental Houses Starting from the 26th

Supply of 3,127 Purchased Rental Units by LH and SH
1,652 Units for Youth, 1,475 Units for Newlyweds and Newborns

The Ministry of Land, Infrastructure and Transport announced that starting from the 26th, it will recruit tenants for purchase rental housing for youth and newlywed/newborn households in 13 cities and provinces nationwide.

The recruitment scale is 3,127 households, including 1,652 youth households and 1,475 newlywed/newborn households. Tenants will be selected through applicant qualification verification, and move-in will begin at the end of March next year. The supply scale by institution is 2,668 households by Korea Land and Housing Corporation (LH) (1,243 youth households, 1,425 newlywed/newborn households), 389 households by Seoul Housing and Communities Corporation (SH), 50 households by Gyeongbuk Development Corporation, and 20 households by Gyeongnam Development Corporation.

Purchase rental housing refers to public rental housing where LH and others buy existing houses or houses built by the private sector and provide them at affordable prices.

Youth purchase rental housing targets unmarried youth without homes, with rent at about 40-50% of market price. Tenants can live for up to 10 years. The income criterion is below 100% of the average monthly income of urban worker households.

Newlywed/newborn purchase rental housing targets newlywed couples without homes and is divided into Newlywed/Newborn Type I with 989 households and Type II with 486 households. Type I rent is about 30-40% of market price with a maximum residence period of 20 years. Type II rent is about 70-80% of market price with a maximum residence period of 10 years, which can be extended up to 14 years if there are children.

The income criterion for Type I is below 70% (90% for dual-income) of the average monthly income of urban workers, and for Type II it is below 100% (120% for dual-income) of that income.

Newborn households with children born within the last two years from the tenant recruitment announcement date are given first priority for purchase rental housing. Newlywed couples married less than seven years, prospective newlyweds, and households raising children under six years old can also apply for this housing recruitment.

Purchase rental housing recruited by LH can be checked from the 26th on the LH Subscription Plus website. Detailed information on purchase rental housing supplied by SH and others can be found on each institution’s website.

Kim Dogon, Director of the Housing Welfare Support Division at the Ministry of Land, Infrastructure and Transport, said, "We will strive to reduce the housing burden on the youth by supplying newly built purchase rental housing where youth and newlywed couples can live with peace of mind."