Temporary Rent Rate Cuts for SMEs and Small Business Owners... In Effect Until Year-End
One-Year Temporary Reduction Expected to Ease Rent Burden by About 170 Million Won
On February 25, Gyeongju City announced that it will continue to implement rent reductions on municipally owned properties in 2026 to ease the burden on small business owners and small and medium-sized enterprises (SMEs) that are struggling with prolonged economic stagnation.
This measure was finalized after deliberation and resolution by the Gyeongju City Public Property Deliberation Committee on February 11 and is a temporary policy designed to support the recovery of the local economy.
The rent reduction applies when SMEs or small business owners lease municipally owned property and use it directly for their business operations, and it will be in effect for one year, from January to the end of December 2026.
The rent rates will be lowered to the same level as last year, with the rate for SMEs reduced from the existing 5% to 3%, and the rate for small business owners reduced from 5% to 1%.
The reduction will be applied in the form of a temporary rate cut. Rent that has already been paid will be refunded to reflect the reduction rate, and future charges will be billed at the reduced rate.
Applications will be accepted from March 3 to December 18, and can be submitted to the property manager in charge of the relevant municipally owned property.
The city expects this measure to reduce the annual rent burden by approximately 173 million won.
Mayor Joo Nak-young of Gyeongju said, "I hope this rent reduction will provide practical help to local small business owners and SMEs that are facing business difficulties," adding, "We will continue to closely monitor the challenges on the ground and expand support measures that can underpin the recovery of the local economy."
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