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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 [...]

‘Camping Cars’ Available at Car Rental Companies

‘Camping Cars’ Available at Car Rental Companies

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 [...]

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 [...]