Four out of 10 apartment lease contracts made in Seoul in August were for monthly rent, as more landlords are shifting their jeonse long-term deposit units to monthly rent in an effort to make up for their high real estate taxes.
Last year, more than 100,000 landlords voluntarily cut rents to help their tenants who were suffering amid the pandemic, according to a report released by the office of Rep. Yang Kyung-sook of the ruling Democratic Party.
The self-employed are battered with business shutdowns and losses from a protracted Covid-19 crisis. A majority of them cannot afford monthly rent fees as their businesses are forced to shut down or restricted under toughened...
As the government works to keep property price down, the prices keep rising, especially at the top end of the market.
As real estate regulations have made it increasingly difficult for people to live in apartments by paying jeonse long-term deposits, monthly rent in Seoul is on the rise.
Landlords are grilling tenants these days after the passage of three laws designed to protect renters, and they are asking for more money because of the higher costs and risks after the passage of the law.
Duty-free retailers are in final negotiations with the airport on what to do with their stores in Terminal 1 once leases expire on Aug. 31. Duty-free stores obtain business rights at the airport every five years through open bidding.