As the jeonse’s monthly renting phenomenon accelerates, tenants’ pain has increased. With the monthly rent price hitting an all-time high, even the one-room rent, where first-timers and college students stay, rose more than 6% in one month. This is the effect that the shortage of jeonse properties, which appeared after the Lease Protection Act, led to an increase in jeonse prices, and that tenants who could not overcome the burden of rising jeonse have turned to a reversal trend. From a landlord’s point of view, it is advantageous to convert to monthly rent due to the property tax bomb.
On the 3rd, the monthly rent index in Seoul for February of KB Apartment recorded a record high of 104.9, up 4.93% from the previous year and 1.16% from the end of the year. It is the highest rate of increase since the related statistics were prepared in December 2015. The index, which moved only 0.1 points from 100 per month, increased more than 10 times after the lease law was implemented last year (July 31). The index, which was 100.4 in August of that year, soared to 101.2 in September, hitting 102.7 in November and rising to 104.1 in January.
In particular, over the past year in Seoul, the rate of increase in apartment monthly rents was 6.12% in 11 districts south of the Han River, about 1.7 times higher than 14 districts north of the Han River (3.70%). The 59.96㎡ for Helio City, Garak-dong, Songpa-gu, Seoul, was signed on February 20 for a deposit of KRW 200 million and a monthly rent of 1.7 million won (12th floor). The 84.943m2 for Raemian Blessage, Gaepo-dong, Gangnam-gu, had a deposit of KRW 100 million and monthly rent of KRW 3.7 million (17th floor) on February 11 of last year, but on the 3rd of last month, the monthly rent was 4.3 million KRW (18th floor) and the same amount of the deposit. % Ran.
Lim Chae-woo, a senior real estate expert at KB Kookmin Bank, said, “As the jeonse price rises, the monthly rent price is also rising.”
As a result of the calculation based on the confirmed date, the share of apartment rent in the Seoul rental market rose 12.7 percentage points from 26.8% in January of last year to 39.5% in January of this year. In Seoul, the share of monthly rent for houses other than apartments is also on the rise. As a result of a real estate information platform, Dabang’s total of rented and monthly rented items registered in its application, in Gangnam-gu, the monthly rent increased from 77.0% in February of last year to 88.4% in February of this year. 9 out of 10 items for jeon and monthly rent are rent.
Until now, the share of the monthly rent market was insignificant due to Korea’s unique jeonse system. This is because tenants overwhelmingly prefer jeonse to monthly rent, so it was difficult for the lessor to raise the monthly rent significantly. However, as the cheonsei crisis accelerated after the new lease law was implemented, the share of the monthly rent market rapidly increased as consumers who could not obtain cheonsei were rushing to the monthly rent market. When it is difficult to meet the soaring jeon tax, some of them are converted to monthly rent or they are bought entirely.
What’s particularly serious is that the monthly rent for one-room and two-three rooms, the main residence of new students and college students, has also risen significantly. According to the coffee shop, the average monthly rent for a studio in Seoul last month was 510,000 won, an increase of 6.3% from the previous month. The area where rent increased the most was Seocho-gu (680,000 won), where office workers were concentrated, up 7.9% from the previous month. In addition, the monthly rent in Gangnam-gu (710,000 won), Mapo-gu (550,000 won), and Jongno-gu (500,000 won) rose sharply to around 6%, respectively. In particular, the average monthly rent in Gangnam-gu exceeded 700,000 won for the first time in the last year, and it was found that the average monthly rent in Gangnam-gu was up 9.2% compared to the same period last year (650,000 won).
The average monthly rent for two and three rooms in Seoul was 910,000 won, up 2.2% from the previous month. Dongdaemun-gu (760,000 won) showed the largest rise, up 7% from the previous month, and Yeongdeungpo-gu (700,000 won), Songpa-gu (970,000 won), and Jongno-gu (970,000 won) rose by 4-6%. . An official from the coffee shop said, “As the phenomenon of renting jeonse and renting cheonsei accelerates, the rent in Seoul has increased in most regions as well as major regions.”
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