"8 Out of 10 Are Monthly Rent"—Is This Real? Warning Over 'Rapid Transition to Monthly Rent'

As more than half of apartment lease transactions in Seoul have been monthly rent deals since March, a region where the proportion of monthly rent exceeds 80% has emerged.

According to the Seoul Real Estate Information Data, the proportion of apartment monthly rent transactions in Jungrang-gu, Seoul, was tallied at 85% in September.

Considering the 30-day reporting deadline, this statistics reflects most of the transactions from September.

Looking at the details, the total lease transactions in Jungrang-gu in September stood at 842 cases.

Among them, 716 cases were identified as monthly rent.

It is reported that this is the first time the monthly rent proportion by region has exceeded 80% on a monthly basis.

Jungrang-gu is the area with the lowest monthly rent prices in Seoul, and it is the only place where the average monthly rent price is under 1 million won.

Koh Joon-seok, a professor at Yonsei University, stated, "The appearance of a region in Seoul where the proportion of apartment monthly rent exceeds 80% means that the transition to monthly rent is progressing at an alarming rate," adding, "Even if the decrease in jeonse is a trend of the times, it is concerning whether the market can handle it."

Lee Chang-moo, a professor at Hanyang University, pointed out, "The expansion of land transaction permit zones and regulations on multi-homeowners are fueling instability in the jeonse and monthly rent markets."

Amid the severe shortage of jeonse properties, the pace of shifting to monthly rent is accelerating.

Meanwhile, the proportion of Seoul apartment monthly rent transactions in September stood at 55.3%.

This is the second time that Seoul's average monthly rent proportion has surpassed 55% on a monthly basis, following 55.8% in June.

Reported by Jung Da-eun | Video by Lee Da-in | Design by Lee Su-min | Produced by SBS Digital News
※ Please note: This article was translated by AI and may contain errors.