Yongsan-do 6 million won per month… High monthly rent even in Gangbuk-Maeil Economy

As the jeonse crisis intensifies, the reverse set value is also striking high. As the chartered sale disappeared, the tenants were forced to pay the expensive monthly rent by’crying and eating mustard’. The second law on leases and a series of regulations that enforced the real residence of the landlord rather resulted in harming housing stability.

According to the actual transaction price disclosure system of the Ministry of Land, Infrastructure and Transport on the 22nd, the 114㎡ exclusively for Central Park Harrington Square, Hangang-ro 3-ga, Yongsan-gu, Seoul, was signed last month for a deposit of 100 million won and a monthly rent of 6 million won. The same area for delivery was 100 million won in deposit and 5.2 million won in monthly rent, but the new monthly rent increased by 800,000 won. Even considering that Central Park Harrington Square is a new station area, which started in August last year, it is a steep rise.

The problem is that this phenomenon is also spreading outside of Seoul. The 79㎡ dedicated to the Jugong 9 complex in Sanggye-dong, Nowon-gu, was traded for 50 million won in deposit and 800,000 won in monthly rent until the middle of last year. On the 5th, the deposit rose to 50 million won and monthly rent of 1.2 million won. At the beginning of last year, 84 square meters for Hyundai, Gaebong-dong, Guro-gu, could be obtained with a deposit of 100 million won and a monthly rent of 800,000 won. But recently, even with a deposit of 100 million won, you have to pay 1.1 million won as a monthly rent.

This high-priced monthly rent march is the result of a combination of the right to apply for contract renewal, which was implemented since the end of July of last year, and a comprehensive real estate tax bomb caused by an increase in the publicly announced land price. After the lease law was enacted, the bargaining power of the landlords sharply increased when the rental property fell sharply, and the tax burden was transferred to the tenant by partially turning the tax burden to monthly rent. This is the phenomenon of’tax imputation’ in economics. For goods, such as housing, whose supply cannot be adjusted in a short period of time, the transfer of taxes becomes stronger.

In the end, increasing the amount of jeonse can prevent the phenomenon of ‘to rent for jeonse’, but it cannot be sharp. Korea Land and Housing Corporation (LH) and Seoul Housing and Urban Corporation (SH Corporation) have been recruiting tenants from this month by turning the existing monthly rental housing vacancy into jeonse, but the limitations are clear. This is because most of these quantities are multi-family and multi-family houses or officetels, so it is difficult to replace the demand for apartment charters.

“The desire for quality of life should be reflected in the policy,” said Jong-wan Ko, head of the Korea Asset Management Research Institute. The rental department, repurchase condition, and public persons should have full ownership rather than housing so that they can be used as retired assets such as housing pensions.”

Of course, due to seasonal effects this month, the jeonse crisis has eased rather than in the second half of last year. According to Asil, a real estate big data company, the number of rented apartments in Seoul as of the 22nd was 22,16, an increase of 51.8% from a month ago (13,184). However, the increase in sales does not lead to a decline in jeonse prices. This is because January is usually the lowest season of the year, and seasonal and temporary factors work, such as the recent cold wave making it difficult to visit the house.

In addition, although it is said that the number of chartered items increased from last month, compared to the 50,000 charter items for Seoul apartments in January last year, it is still less than half. The number of charter transactions in the first quarter of last year (35,426) has not yet been reached.

Although the speed has slowed, the rise in the total set value is also ongoing. According to KB Real Estate Liveon, the nationwide apartment charter price as of the 18th rose 0.25% from the previous week. The jeonse price in Seoul rose 0.32%, up from last week (0.30%).

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