Seoul to Supply 81 Units of Purchased Rental Housing for Newlyweds and Households with Newborns... Monthly Rent as Low as 150,000 Won Possible

Purchased rental housing, which allows for the use of homes near subway stations in downtown Seoul at prices lower than market rates, will be supplied. This supply, targeting newlyweds and households with newborns, consists of a total of 81 units across 19 autonomous districts in Seoul.

Rent at 40% of Market Price... Monthly Rent Burden Significantly Reduced via Mutual Conversion

According to a Rental Information TV video, the newly supplied purchased rental housing for newlyweds and newborns involves purchasing homes in the city center and renting them out at approximately 40% of the market price. If eligibility for contract renewal is maintained, long-term residence is possible for up to 20 years.

The main supply areas include 19 districts in Seoul, such as Gangdong-gu, Gangbuk-gu, Gwanak-gu, Gwangjin-gu, Guro District, Geumcheon District, Nowon-gu, Dobong-gu, Dongdaemun-gu, Dongjak-gu, Mapo-gu, Seodaemun-gu, Seongbuk-gu, Songpa-gu, Yangcheon-gu, Yeongdeungpo-gu, Eunpyeong-gu, Jongno-gu, and Jungnang District. Specific housing types vary from two-room units to three-room units (including officetels) equipped with three rooms and two bathrooms.

Rent is applied differentially depending on the resident's income level. In the case of two-room units (such as Samhwa Ecoville) supplied in Seongnae-dong, Gangdong-gu, low-income groups pay a deposit of 20 million won with monthly rent around 380,000 won, while general groups pay a deposit of 20 million won with monthly rent around 530,000 won. In particular, if the mutual conversion system between deposit and monthly rent is utilized, the monthly rent can be lowered to the range of 150,000 won to 210,000 won.

In the case of an 84-type (three-room) officetel (residential-commercial complex) supplied in Dobong-gu, low-income groups pay a deposit of 30 million won with monthly rent of 610,000 won, while general groups pay around 850,000 won in monthly rent. This can also be adjusted to around 240,000 won to 340,000 won in monthly rent when converted. Buheung Housing (two-room) in Jamsil-dong, Songpa-gu, has a deposit of 21 million won with monthly rent around 630,000 won, and residence is possible with monthly rent in the 250,000 won range upon conversion.

Targeting Newlyweds and Newborn Households... Must Meet Income and Asset Criteria

Eligibility for application requires being a member of a non-homeowning household belonging to the newlywed category. The scope of newlyweds includes those married within 7 years, engaged couples, single-parent families meeting certain conditions, general married couples with children aged 6 or younger, and households with children born within the last 2 years.

The income standard must be 70% or less of the average monthly income (90% or less for dual-income couples), total assets must be 145 million won or less, and the vehicle value must be 45.42 million won or less. For a 2-person household, the single-income standard is a monthly income of 4.69 million won or less, and the dual-income standard is 5.86 million won or less. For a 3-person household, the standards are 5.71 million won or less for single-income and 7.35 million won or less for dual-income.

The selection of residents is determined primarily by priority rankings. The 1st priority is newborn households or eligible single-parent families; the 2nd priority is newlyweds/engaged couples with minors or single-parent families with children aged 6 or younger. The 3rd priority is newlyweds/engaged couples without minor children, and the 4th priority is general couples with children aged 6 or younger. In the event of competition within the same priority, decisions are made by summing extra points based on recipient status, number of children, number of subscription savings payments, and period of residence in the relevant area.

Online Application Starts September 28... Caution Against Duplicate Applications

Applications are conducted online through LH Subscription Plus. The application period is from September 28 to September 30. Those subject to document submission will be announced on October 2, and the deadline for document submission is October 8. Subsequently, the sequence of reserve residents is scheduled to be announced on December 11.

A point of caution is that once document submission is completed, duplicate applications for other announcements of the same type of purchased rental housing are not allowed until the announcement of the reserve resident sequence. If one wishes to apply for another announcement, the existing application must be deleted before the end of the document submission period.