Even With Higher Deposits, Tenants Choose to Stay: Why They Aren't Leaving

Here is the first useful piece of news.

Even if the deposit goes up, they just stay.

Many of you live in jeonse or monthly rent homes, right?

However, as it has recently become so difficult to find jeonse or monthly rental housing, reports show that an increasing number of tenants are staying in their current homes even when deposits or rents rise.

According to the Ministry of Land, Infrastructure and Transport, renewal contracts accounted for 52 percent of apartment jeonse and monthly rent contracts in Seoul last month.

This is the first time this year that renewal contracts have exceeded new contracts.

In particular, among renewal contracts, about 60 percent were extended by reaching an agreement with the landlord without using the contract renewal right.

The reasons for staying in the same home despite somewhat higher deposits or monthly rent are analyzed to be a shortage of rental listings, alongside the burden of brokerage fees and moving costs, as well as the stress of adapting to a new environment when moving.
※ Please note: This article was translated by AI and may contain errors.