CCEJ: Seoul Jeonse Listings Down 31%, Monthly Rent Listings Down 19% Under Current Administration

A civic group has criticized the current administration, arguing that the real estate market is becoming increasingly unstable as the number of jeonse (long-term deposit-based rent) and monthly rent listings has plummeted and prices have risen since the Lee Jae-myung administration took office.

The Citizens' Coalition for Economic Justice (CCEJ) held a press conference titled "Urging Normalization of the Rental Market under the Lee Jae-myung Administration" at the CCEJ auditorium in Jongno-gu, Seoul, today (June 23) and announced the results of an analysis on the trends of jeonse and monthly rent listings during the first year of the president's term.

According to the report, as of June 4 of this year, marking one year since President Lee took office, the daily number of apartment jeonse and monthly rent listings in Seoul decreased by 25% compared to a year ago.

Specifically, jeonse listings fell by 31%, while monthly rent listings dropped by 19%.

Furthermore, when apartment jeonse transaction data was converted based on the "national average" size (84㎡ of exclusive area), the average jeonse deposit reached 690 million won as of April this year, an 8% increase from the same month last year.

During the same period, monthly rent deposits rose from 270 million won to 290 million won, and monthly rent payments increased from 1.53 million won to 1.66 million won.

For non-apartment housing (converted based on 40㎡ of exclusive area), jeonse deposits increased by 32%, monthly rent deposits by 56%, and monthly rent payments by 36%.

The CCEJ analyzed that these results are a complex consequence of the government's push for unlimited purchase of rental housing, remodeling of non-residential buildings, and revitalization of redevelopment projects, combined with a decrease in rental listings, a decline in housing starts, and rising home prices.

The group urged the government to implement countermeasures, including: ▲ withdrawing the policy of unlimited purchase of non-apartment housing; ▲ normalizing jeonse loan and return guarantee systems; ▲ expanding long-term public rental housing and land-lease housing; and ▲ reforming the housing rental business system.

(Photo: Provided by CCEJ, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.