Average Monthly Rent for Seoul Studio Apartments Rises to 720,000 Won in May, Up 40,000 Won in One Month

Studio Apartment Monthly Rent Up 6% from Previous Month
Jeonse Deposit Rises 2.8%

Last month, the average monthly rent for studio apartments in Seoul was recorded at 720,000 won, up 40,000 won from the previous month.

According to the "May Dabangyeojido" report released by the real estate information platform Dabang, the average monthly rent for studio apartments (with a deposit of 10 million won and an exclusive area of 33 square meters or less) in Seoul last month was 720,000 won. This represents an increase of 40,000 won (6.0%) compared to the previous month, marking the largest monthly rise so far this year.

Assuming the Seoul average rent of 720,000 won as 100%, the average rent by district showed that Yongsan-gu was the highest at 141% (1,020,000 won). This was followed by Gangnam-gu at 127%, Seocho-gu and Seongdong-gu at 112%, Dongjak-gu at 110%, Jung-gu at 107%, Gangseo-gu and Jungnang-gu at 106%, Geumcheon-gu and Yeongdeungpo-gu at 105%, and Gangdong-gu at 102%. In total, 11 districts had average monthly rents higher than the Seoul average.

Jeonse deposits also increased. Last month, the average jeonse deposit in Seoul was 218.41 million won, up 5.87 million won (2.8%) from the previous month.

Seocho-gu recorded the highest average jeonse deposit for the fifth consecutive month at 272.58 million won. This is 54.17 million won higher than the Seoul average, or 125% of the citywide average. This was followed by Gangnam-gu at 119%, Gwangjin-gu and Yongsan-gu at 109%, Jung-gu at 104%, Seongdong-gu and Songpa-gu at 102%, and Mapo-gu at 101%. In total, eight districts had average jeonse deposits higher than the Seoul average.

This survey was based on actual transaction prices from the Ministry of Land, Infrastructure and Transport and was calculated by reflecting the jeonse-to-monthly rent conversion rate. For the average monthly rent, only transactions with a deposit of less than 100 million won were included, while for the average jeonse deposit, all jeonse transactions were analyzed.