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Young Renters Pay More than 300,000 Won per Month on Average: Data

Young Renters Pay More than 300,000 Won per Month on Average: Data

SEOUL, June 22 (Korea Bizwire) — South Korea’s young single-person households living on monthly rent are paying more than 300,000 won (US$265) in monthly rent on average, data showed Monday. The actual monthly housing expenses for the nation’s young (less than 30 years old) single-person households averaged 315,534 won in the first quarter of this [...]

Gov’t to Make it Easier for COVID-hit Commercial Tenants to Cancel Rent Contracts

Gov’t to Make it Easier for COVID-hit Commercial Tenants to Cancel Rent Contracts

SEOUL, May 25 (Korea Bizwire) — The government is on track to make it easier for commercial tenants who shut down their business due to the COVID-19 pandemic to cancel their rent contracts. The Ministry of Justice issued an advance legislation notice concerning a revision of the Commercial Building Tenant Protection Act. The revision stipulates [...]

Tenant Protection Laws Revised to Give Those Affected by COVID-19 New Rights

Tenant Protection Laws Revised to Give Those Affected by COVID-19 New Rights

SEOUL, Sept. 24 (Korea Bizwire) — Commercial tenants who have been hit hard by the onset of the COVID-19 pandemic have gained new rights to ask landlords to reduce rent. The legislation and judiciary committee of the National Assembly passed a revision of the Commercial Tenant Protection Law on Wednesday. Under the revised law, the [...]

Debate Heating Up on Fate of ‘Jeonse’

Debate Heating Up on Fate of ‘Jeonse’

SEOUL, Aug. 3 (Korea Bizwire) — “Jeonse” (long-term deposit rental system) versus “weolse” (monthly rent). That has emerged as the hottest topic in local political circles since new laws intended to protect tenants from landlords and excessive rent increases went into effect at the end of July. Jeonse refers to a unique Korean system in [...]

Growing Number of Landlords Lowering or Freezing Rent

Growing Number of Landlords Lowering or Freezing Rent

SEOUL, April 16 (Korea Bizwire) — The rent reduction campaign, in which landlords lower store rents for small business owners affected by the new coronavirus outbreak is spreading throughout the country. The Ministry of SMEs and Startups said Wednesday that 3,425 property owners in individual shopping complexes and 513 in traditional markets across the country [...]

Majority of Small Businesses Say Rent Reduction Campaign Had Little Effect

Majority of Small Businesses Say Rent Reduction Campaign Had Little Effect

SEOUL, March 11 (Korea Bizwire) — The majority of small businesses feel that the “rent reduction campaign” initiated to help merchants struggling due to the coronavirus outbreak has had no practical effect, a recent survey revealed. A survey of 1,080 small business owners nationwide conducted by the Korea Federation of Micro Enterprise showed that 90.3 [...]