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‘Gocheok I-Park’, a private rental house built by HDC Hyundai Development Company in Guro-gu, Seoul.
In October, Mr. A, the head of a single-income household, signed an extension contract for a 59㎡ letter exclusively for ‘Banpozai’ in Banpo-dong, Seocho-gu, Seoul, for 5.580.6 million won. It is less than half the market price (1.2 billion won). This house is a ‘Middle Class Rental Housing (Shift)’ introduced by the Seoul Metropolitan Government in 2007 and can be rented for up to 20 years. Mr. A said, “There is no anxiety about the rent increase and the study environment is good, so the satisfaction is high.”
As the supply of housing declines and the shortage of monthly rentals and jeon increases, the perception of rental apartments is changing. As the advantage of being able to live on a stable rent for a long period of time has been highlighted, the competition to win the rental apartment is also intensifying.
Interest in the private rental of public aid in the jeonse crisis
According to the industry, on the 20th, 11,1510 people applied to hire 2,205 homes from ‘Gocheok I-Park’, a private rental housing with public support from HDC Hyundai Development Company, which closed on the 1st. subscription averaged 5.22 to 1. Located in Gocheok-dong, Guro-gu, Seoul, this complex consists of 746 apartments and 1,459 residential and commercial complexes. When it comes to apartments alone, the competition rate averaged 7.79 to 1.
‘Unseo Station Prugio The Sky’, a private rental house presented by Daewoo E&C in Yeongjong Sky City, Incheon.
On day 3, Daewoo E & C’s public support private rental ‘Unseo Station Prugio the Sky’ showed a maximum competition rate of 30.5 to 1 with 84E㎡. The subscription was completed with an average of 2.76 to 1 competition.
It’s a competitive rate that has been hard to see in the publicly supported private rental market. Experts say that as the new rental protection law exacerbates the jeonse crisis and shrinks the existing private rental market, a balloon effect is also emerging in the rental market.
8 years in the brand complex at 90% of the market price
Rental apartments are largely divided into public rental, public support private rental, and general private rental. Public Support Private Rental is a business-type rental housing introduced in 2018 that combines the benefits of public and private. In the past, the company-type rental housing system (new stay) was modified somewhat. The general rental offer is 90-95% of the surrounding market price, and the special offer for the young, newlyweds and the elderly is 70-85%. You can live up to 8 years and the rent increase rate is limited to 5% per year. An official from a large construction company explained: “As companies build brands, there is also the advantage of adding products and services at the same level as the general departments of private construction companies.”
Any homeless person over the age of 19 can request general supplies. When competition occurs, the winner is selected through a lottery. For special supplies covering 20% of the total number of households, only young people, newlyweds and seniors with average monthly income of 120% or less can apply.
The offer of public aid to private rental is increasing. Construction companies are also targeting the rental market with new foods as demand for leases increases and pre-sale regulations are strengthened, such as the pre-sale price cap for private residential land. The remaining volume this year is about 2,000 households, including Bongdam in Hwaseong, Gyeonggi province and Janghyeon in Siheung. ‘Hillstate Bongdam’, supplied by Hyundai E&C in Bongdam District 2 in Hwaseong, Gyeonggi-do, has 11 buildings with a maximum of 25 floors and 1004 homes (62-84㎡). The 84m2-based warehouses for exclusive use range from 95 million won (480,000 won per month) to 166 million won (240,000 won per month). The supply volume of the metropolitan area in the first quarter of next year has not been confirmed.
Public rent change
A change is taking place in the market for public rental apartments, where there was a strong negative perception of poor quality and poor living conditions. This is because the government has decided to offer a large number of “high-quality, freight-oriented public leases” in response to rental and monthly rental difficulties. The government announced that it would supply 114,000 households (72,000 households in the metropolitan area) throughout the country by 2022 through the ’11 · 19 Real Estate Measures’. Among them, 28,890 units (1952 units in Seoul) have the highest preference.
The Ministry of Land, Transport and Maritime Affairs decided to establish new types, such as cheonsei-type rent-to-buy housing and cheonsei-type public housing, and not see rules like income requirements. Purchased rental housing is public housing that LH buys and rents at 70-80% of market price by purchasing multiple homes and offices. Regardless of income or assets, anyone in a homeless household can apply. On the 8th, it is expanding its reach across the country by hiring tenants for a total of 174 households, including Gangbuk-gu (24 households), Gangseo-gu (22 households), Nowon-gu (34 households), and Yangcheon. -gu (61 households) in Seoul. It can live up to 6 years.
Jeonse public housing, which the government announced will supply 18,000 households starting next year, is a large rental housing for the middle class. Again, there are no income and asset standards. The government purchases multi-family, multi-family, or office shelters built by the private sector and supplies them at a price of 90% of the market price. It can live up to 6 years. It is significant because it will temporarily provide exclusive housing until 2022 even to middle-class households that are not apartments but were not eligible for rental housing. It is intensively supplied to Seoul and the metropolitan area, including 5,000 households in Seoul. Any member of the homeless household can participate, and when competition occurs, tenants are selected by lottery at random. Dongguk University Adjunct Professor Ko Jun-seok said: “In a situation where the supply is further reduced next year, corporate or public rental may be an alternative for potential subscribers. The key is how many houses does the middle class want to live in. “
Reporter Lee Yoo-jung [email protected]
