LH to Supply 20,000 Public Rental Housing Units in Downtown Seoul Over 3 Years

The Korea Land and Housing Corporation (LH) will supply 20,000 purchased rental housing units in downtown Seoul over the next three years.

LH announced the supply plan today during an on-site meeting held at a newly built youth housing complex in Jongno-gu, Seoul, aimed at resolving youth housing issues.

Based on occupancy notices, the supplied units will include 15,000 units for young adults and 3,400 units for newlywed couples.

To meet diverse housing demands, the units will be distributed across various regions in Seoul.

The purchased rental housing program involves LH buying existing houses in downtown areas or near subway stations and renting them out at prices lower than the market rate.

The rent for tier-1 youth purchased rental housing is set at around 40 percent of the market rate, with residency allowed for up to 10 years.

To quickly secure housing in downtown Seoul, LH is improving its newly built housing acquisition system by providing early land purchase funds and paying acquisition costs in stages.

Additional points will be granted for locations with high youth housing demand, such as areas near university towns, to secure more units.

Last year's average subscription competition rate for youth purchased rental housing in Seoul stood at 130 to 1, higher than the national average of 50 to 1.

The event was attended by about 20 people, including Vice Minister of Land, Infrastructure and Transport Kim Itak, Democratic Party lawmakers Kim Nam-keun, Oh Ki-hyung, and Lee Yong-sun, LH President Lee Sung-hoon, and young municipal council members.

"Newly built purchased rental housing takes only one to two years from site discovery to move-in, making it a core card to stabilize the jeonse and monthly rent markets most quickly," LH President Lee Sung-hoon said. "We will supply good homes faster and in greater quantities in locations desired by young people."

(Photo provided by Korea Land and Housing Corporation (LH), Yonhap News)
※ Please note: This article was translated by AI and may contain errors.