SEOUL, March 28 (Korea Bizwire) — A new government report has revealed a growing polarization in housing among young South Koreans in their early 30s, with more individuals shifting either into monthly rentals or homeownership—while the once-dominant jeonse (lump-sum deposit lease) model continues to decline. Published Wednesday by Statistics Korea’s National Statistical Research Institute, the [...]
SEOUL, Mar. 15 (Korea Bizwire) – Criticism is mounting over the severe financial strain that housing costs are placing on young people in Seoul. Recent figures have shown that the average monthly rent for small apartments in Seoul, specifically those under 33 square meters in size and with a security deposit below 50 million won, now [...]
SEOUL, July 12 (Korea Bizwire) — More than two-thirds of single-person households in South Korea pay monthly rent, which accounts for the majority of their expenditures, a survey showed Tuesday. Station3 Inc., the operator of real estate brokerage app Dabang, surveyed 832 app users and found that 45 percent of them were living alone. Of [...]
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 [...]
SEOUL, June 7 (Korea Bizwire) — Starting in September, cargo trucks and other special vehicles converted into camping cars, excluding vans, will be available at car rental agencies. The Ministry of Land, Infrastructure and Transport announced Monday that a new amendment bill will be passed to allow such measures. Currently, car rental companies are only [...]
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 [...]
SEOUL, Oct. 22 (Korea Bizwire) — Those who pay monthly rent for housing are less likely to get married than those who own their own home, a recent study revealed. The Korea Economic Research Institute (KERI) released a report Wednesday that analyzed the correlation between factors related to housing and marriage or birth based on [...]
SEOUL, Oct. 7 (Korea Bizwire) — More than three quarters of minors who have purchased a home in Seoul revealed that they made such purchases not for living but for rental purposes. Rep. So Byung-hoon, a lawmaker from the ruling Democratic Party and a member of the Land, Infrastructure and Transport Committee of the National [...]
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 [...]
SEOUL, Sept. 3 (Korea Bizwire) — South Korea’s postal service operator Korea Post announced that a new bill will be submitted to the National Assembly which allows for individuals authorized to use and profit from postal assets to re-lease them to a third party. This bill considers the rising sublease demand driven by the expansion [...]