The average rental income for individuals in the top 0.1% of landlords residing in Seoul neared a staggering 1.3 billion won. (Image courtesy of Yonhap)
SEOUL, May 20 (Korea Bizwire) – The average rental income for individuals in the top 0.1% of landlords residing in Seoul neared a staggering 1.3 billion won, highlighting a stark divide in the capital compared to other regions of South Korea.
The average for this elite tier in Seoul was 4.7 times higher than in Sejong, the area with the lowest figure, according to details on regional rental income released by the National Tax Service to Rep. Yang Kyung-sook of the Democratic Party on May 19.
Of the 3.59 million Seoul residents who reported rental earnings on their comprehensive income tax filings for 2022, the total declared rental income amounted to 8.6 trillion won. This translates to an average of 24.08 million won per person.
However, within this pool, the 359 individuals comprising the top 0.1% logged an eye-watering average rental income of 1.29 billion won — the highest among South Korea’s 17 major provinces and metropolitan areas.
Jeju followed with an average of 621.36 million won for the top 0.1%, based on 16 such landlords. Next were Gyeonggi Province at 594.83 million won with 362 individuals, and Daegu at 551.46 million won with 49 in this elite bracket.
In stark contrast, the 8 landlords in the top 0.1% tier in Sejong, the area with the lowest figure, reported an average rental income of just 273.6 million won.
South Gyeongsang Province at 282.84 million won with 52 landlords, and Gangwon Province at 287.79 million won with 31, rounded out the bottom of the regional rankings for the top 0.1%.
Nationwide, the average for landlords in the uppermost 0.1% stood at 813.7 million won.
Looking at overall averages, Seoul again topped the list at 24.08 million won, followed by Jeju at 17.95 million won, Gyeonggi at 17.01 million won, and Daegu at 16.36 million won. Aside from Seoul, the 16 other provinces and cities did not surpass an average of 20 million won.
Sejong recorded the lowest overall average rental income at 10.76 million won, with North Jeolla Province at 11.09 million won ($8,500), South Jeolla Province at 11.23 million won, and South Gyeongsang Province at 11.77 million won also in the bottom tier.
The national average for reported rental income stood at 17.68 million won.
“The combination of population and economic gaps between Seoul and other regions appears to be fueling polarization in rental incomes as well,” Rep. Yang Kyung-sook observed.
M. H. Lee (mhlee@koreabizwire.com)
