Seoul Apartment Monthly Rent Share Exceeds 50% for First Time at 51% from January to September

[Economy 365]

The proportion of monthly rent transactions in Seoul's apartment leasing market has exceeded half for the first time this year.

According to the Seoul Real Estate Information Plaza, monthly rent transactions for Seoul apartments totaled 87,740 from January to September this year, accounting for 51% of all lease transactions combining jeonse (lump-sum deposit) and monthly rent.

Jeonse transactions stood at 84,287, which was 3,453 fewer than monthly rent transactions.

Compared to the same period last year, monthly rent transactions decreased by 2.8%, but jeonse transactions plummeted by 27.5%, driving the proportion of monthly rent up from 43.7% to 51%.

If the current trend continues, the annual proportion of monthly rent is projected to surpass 50% for the first time since relevant statistics began being compiled in 2011.

The number of autonomous districts (gu) where monthly rent transactions outnumbered jeonse increased from 4 last year to 13 this year.

Jongno-gu recorded the highest monthly rent share at 65.6%, while Jungrang-gu saw the steepest increase among the 25 autonomous districts, surging from 44.6% to 64.9% over the past year.

The burden of monthly rent has also grown.

Last month, the average monthly rent for Seoul apartments reached 1.661 million won, up 218,000 won from a year earlier, while the median monthly rent also rose from 1.2 million won to 1.4 million won.

However, these transaction volumes are reference figures based on contract dates and are subject to change depending on reports or contract cancellations.

*This article was produced with AI audio.
※ Please note: This article was translated by AI and may contain errors.