Monthly rent transactions break 60 percent for first time

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Monthly rent transactions break 60 percent for first time

Published: 01 Apr. 2025, 17:40

Pictured is a real estate agency in Seoul on the afternoon of April 1. [YONHAP]

Pictured is a real estate agency in Seoul on the afternoon of April 1.

Korea's current real estate slump, as well as the prevalence of fraud in jeonse, or long-term housing deposits, has accelerated the market's preference for the monthly rent model, according to new data the Ministry of Land, Infrastructure and Transport released on April 1. Monthly rent payments accounted for more than 60 percent of the country's new rental transactions for the first time from January to February. Such payments, including both rental fees and deposits, made up 61.4 percent of the total over the period, a sharp increase from the 57.5 percent recorded last year, 55.2 percent logged in 2023 and 41.7 percent in 2021.