Deposit and Monthly Rent Set at 60-80% of Market Price
Target Complexes: Cheolsan Jugong 8 and 9, 1R and 4R Districts
Gwangmyeong City in Gyeonggi Province will purchase 126 units of major redevelopment and reconstruction apartments and rent them out to young people and newlyweds at 60-80% of the market price. On the 20th, Gwangmyeong City announced this plan to supply public purchase rental housing through a policy briefing.
The supply volume this time involves purchasing houses provided by the association as a floor area ratio relaxation incentive during the reconstruction and redevelopment process at the standard construction cost price and supplying them as rental housing. The purchase funds come from 15 billion KRW invested by the city in Gwangmyeong Urban Corporation.
Park Seung-won, mayor of Gwangmyeong City, said, "We decided to supply public purchase rental housing to reduce the housing burden on the younger generation and provide a stable living foundation."
The supply type is "Happy Housing," a public housing policy designed to help young people and newlyweds become independent. Happy Housing supplies 80% to university students, young people, newlyweds, and single-parent families, and the remaining 20% to housing benefit recipients and the elderly. Local governments can adjust the ratio within a 10 percentage point range considering regional characteristics.
The city adjusted the supply ratio for this supply volume, allocating 86% to university students, young people, newlyweds, and single-parent families. The supply volume by target group is ▲87 units for newlyweds and single-parent families ▲21 units for university students and young people ▲9 units for the elderly ▲9 units for housing benefit recipients. The rental deposit and monthly rent are set at 60-80% of the surrounding market price.
The supply volume and area (exclusive area) by complex are ▲Cheolsan Jugong 8 and 9 complexes 59.96㎡ 92 units ▲Gwangmyeong 1R District 39.98㎡ 27 units ▲Gwangmyeong 4R District 39.94㎡ 7 units. Among these, the purchase of Cheolsan Jugong 8 and 9 complexes has been completed, and the remaining units are planned to be purchased in June.
The first supply is Cheolsan Jugong 8 and 9 complexes. There are 82 units for newlyweds and single-parent families, and 5 units each for the elderly and housing benefit recipients. The announcement for tenant recruitment is scheduled for the end of this month. Move-in is in July.
Gwangmyeong 1R District consists of ▲13 units for young people ▲3 units for university students ▲5 units for newlyweds and single-parent families ▲3 units for the elderly ▲3 units for housing benefit recipients. Gwangmyeong 4R District consists of ▲4 units for young people ▲1 unit for university students ▲1 unit for the elderly ▲1 unit for housing benefit recipients. Tenant recruitment for the two complexes will be conducted according to the completion schedule.
This supply volume prioritizes residents of Gwangmyeong City with children under 2 years old. If there is competition within the same priority, winners will be selected by lottery. For more details, contact the Housing Division of Gwangmyeong City or Gwangmyeong Urban Corporation.
The city's decision is interpreted as a response to the recent rapid outflow of young people such as newlyweds. According to the 2023 Newlywed Statistics by Statistics Korea, the number of newlywed couples in Gwangmyeong City decreased sharply by 33.8%, from 7,853 couples in 2019 to 5,196 couples in 2023. According to the resident registration population statistics from the Ministry of the Interior and Safety, the youth population aged 19 to 34 in Gwangmyeong City decreased by 17.6%, from 65,098 in 2019 to 53,653 in 2024. Both statistics show the highest decline rate among the 31 cities and counties in Gyeonggi Province.
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