Rent jumps 11.6 percent for studios near Seoul universities

K-campus

Published: 07 Feb. 2024, 16:58

Rent jumps 11.6 percent for studios near Seoul universities

A bulletin board shows rental listings available near a university in Seoul [NEWS1]

Monthly rent prices for studio apartments in university neighborhoods across Seoul are up 11.6 percent, with housing costs near Hanyang University seeing the biggest jump.

The average monthly rent of studio apartments near 10 university neighborhoods was 574,000 won ($430) as of January, up 11.6 percent compared to a year earlier, according to real estate brokerage platform Dabang.

The company surveyed rent prices of studio apartments 33 square meters (355 square feet) or smaller, with deposits of 10 million won or less.

The 10 surveyed neighborhoods included areas near Kyung Hee University, Korea University, Sogang University, Seoul National University, Sungkyunkwan University, Yonsei University, Ewha Womans University, Chung-Ang University, Hankuk University of Foreign Studies and Hanyang University.

Rent prices of studio apartments near Hanyang University rose the most, increasing 12.3 percent on-year to 550,000 won.

Rent in the area near Kyung Hee University followed, rising 9.7 percent to 620,000 won, while rent near Sogang University climbed 9.3 percent to 595,000 won.

Korea University students saw rent jump 7.7 percent to 529,000 won and Hankuk University of Foreign Studies saw nearby rent increase 2.3 percent to 590,000 won.

The average building maintenance fee for studio apartments in surveyed neighborhoods was 72,000 won as of January, up 19.3 percent on-year.

Studio apartments in the Hanyang University neighborhood also saw the highest jump in building maintenance fees, increasing 21 percent on-year to 70,000 won.

It was followed by fees for studio apartments near Korea University, which rose 19.6 percent to 70,000 won.

Fees in areas near both Sungkyunkwan University and Sogang University rose 13.2 percent to 60,000 won, while fees in the neighborhood near Ewha Womans University rose 10.3 percent to 90,000 won.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]