Yangpyeong County Issues Advisory on Investments in Long-Term General Private Rental Housing

Yangpyeong County in Gyeonggi Province (Governor Jeon Jinseon) has issued a special advisory to residents, urging caution regarding the recent spread of investments in "long-term general private rental housing" within the county.

Caution for Long-Term General Private Rental Housing Investment. Provided by Yangpyeong County

The county confirmed that a housing promotion center advertising the construction of private rental apartments has been recruiting investors locally. However, it explained that this recruitment is being conducted by an unauthorized organization without following the tenant recruitment procedures stipulated in the "Special Act on Private Rental Housing," and is not in compliance with the required legal process.

An official from Yangpyeong County stated, "The recruitment of tenants for long-term general private rental housing must be conducted publicly after completing the necessary notification to the relevant local government, as required by law. Currently, there are no cases in the county where approval for housing construction projects or notification for tenant recruitment related to long-term general private rental housing has been completed."

The official further emphasized, "Soliciting investors or tenants without legal grounds may make it difficult to receive legal protection in the event of future disputes. Since contracts for membership or investment solicited by unauthorized organizations fall under civil matters, residents should exercise particular caution."

The county advised residents to carefully verify the details of any investment and their own rights and obligations before signing a contract, and to thoroughly review for any unfavorable terms to ensure prudent investment decisions.

For more information regarding membership recruitment for long-term general private rental housing, residents are encouraged to contact the Housing Management Team of the Architecture Division at Yangpyeong County Office.