Last year, more than 200,000 people applied for 918 Seoul youth purchase rental housing units conducted by Korea Land and Housing Corporation (LH).
According to LH on the 14th, the application results for the '4th 2024 Youth Purchase Rental Housing' which closed on the 8th showed that 49,728 people applied for 178 units in Seoul. The average competition rate was 279 to 4.
On an annual cumulative basis in Seoul, a total of 202,052 people applied for 918 units. This is a 42.3% increase compared to the previous year (142,002 people). Previously, 43,265 people applied for 170 units in the 1st round, 52,577 people for 242 units in the 2nd round, and 56,483 people for 328 units in the 3rd round.
LH youth purchase rental housing involves purchasing homes within the city and supplying them to youth aged 19 to 39, university students, and job seekers. The rent is affordable at 40-50% of the surrounding market price, and residents can stay for up to 10 years (20 years if married after moving in).
In this 4th round, 734 people applied for one unit of the urban-style housing 'Le Reve' in Gangdong-gu. Priority youth applicants can live with a deposit of 1 million KRW and monthly rent of 370,000 KRW. If the deposit is increased up to 38.7 million KRW, the monthly rent decreases to about 150,000 KRW.
The popularity of youth purchase rental housing is increasing every year. Nationwide, in 2022, 16,1348 people applied for 5,593 units, showing a competition rate of 28.8 to 1. In 2023, 229,253 people applied for 6,138 units, recording a competition rate of 37.3 to 1. Last year, a total of 321,288 people applied for 6,031 units, resulting in a competition rate of 53.2 to 1.
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