Youth and Newlywed Purchase Rental Applications Open Until the 9th

Korea Land and Housing Corporation (LH) announced on the 7th that it will begin accepting applications for purchase rental housing for homeless youth, newlyweds, and middle- and low-income groups.

Purchase rental is a system where LH buys newly built or existing houses with good transportation access in urban areas and rents them out at low prices. This time, a total of 3,003 households will be supplied, including 1,666 units for youth purchase rental and 1,337 units for newlyweds and newborn purchase rental. Last year, the competition rate for youth-targeted housing averaged 53 to 1, and for newlyweds and newborn housing, it averaged 6 to 1.

Youth rental housing targets youth aged 19 to 39, university students, and job seekers, with 767 units in the metropolitan area and 899 units in other regions. Residents can live for up to 10 years at about 40-50% of the nearby market price. If they get married after moving in, the period extends up to 20 years.

Newlywed and newborn purchase rental targets newlywed (prospective) couples within 7 years of marriage and households with newborns. There are 654 units in the metropolitan area and 683 units in other regions. The first type allows residents to live in multi-family or multi-unit houses at about 30-40% of the market price for up to 20 years. The second type supplies apartments and officetels as quasi-jeonse type at about 70-80% of the market price, with a maximum residence period of 10 years.

Applications will be accepted for three days until the 9th, and document screening candidates will be selected within this month. Eligibility will be assessed based on income, assets, and other criteria, and preliminary residents will be determined in June.