Applications Open June 26 for 4,943 Purchase Agreement Rental Units for Young Adults and Newlyweds

Up to 10 Years of Residency Possible

Applications will open on June 26 for tenants seeking purchase agreement rental housing designed for young adults, newlyweds, and households with newborns. Purchase agreement rental housing refers to homes acquired by public institutions such as Korea Land and Housing Corporation (LH) or Seoul Housing and Communities Corporation (SH), which are then rented out at prices below market rates.

On June 24, the Ministry of Land, Infrastructure and Transport announced that LH, SH, and other local public institutions will recruit tenants for 4,943 purchase agreement rental units in 15 cities and provinces nationwide.

Of these, 2,508 units are allocated for young adults, while 2,435 units are intended for newlyweds and households with newborns. Once selected, applicants will undergo eligibility screening and, if approved, may be able to move in as early as the end of September.

The purchase agreement rental program for young adults is intended for unmarried young people who do not own a home. Tenants can reside for up to 10 years, paying rent equivalent to 40-50% of the market rate.

Exterior view of purchase agreement rental housing for newlywed and newborn households II in the Gyeonggi area. Korea Land and Housing Corporation

The purchase agreement rental program for newlyweds and households with newborns is divided into two types based on income. Type I is for households with relatively lower incomes, with rent set at 30-40% of the market rate. Households earning no more than 70% of the average urban worker's income (or 90% for dual-income households) are eligible to apply. Type II is open to households with higher incomes, with rent set at 70-80% of the market rate. The income threshold for this type is 130% of the average income (or 200% for dual-income households).

Households that have given birth, adopted a child, or are currently pregnant within the past two years as of the announcement date are recognized as "households with newborns" and are given priority for tenancy. Newlyweds married within the past seven years, engaged couples, and households with children aged six or younger are also eligible to apply. By region, the Seoul metropolitan area accounts for 1,271 units, or 52% of the total, with 206 in Seoul, 951 in Gyeonggi, and 114 in Incheon. In other regions, there are 220 units in Daegu, 175 in Busan, and 153 in South Chungcheong.

Applications can be submitted from June 26 through the LH Subscription Plus website and the websites of each local public institution. Detailed information on the number of available units, locations, and rental rates can also be found through these channels.

Kim Dogon, Director of Residential Welfare Support at the Ministry of Land, Infrastructure and Transport, stated, "We will ensure the smooth implementation of the second round of purchase agreement rental housing recruitment and do our utmost to support housing stability so that young adults and newlyweds can make a fresh start in secure homes."