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.
A bird's-eye view of apartments from Namsan Seoul Tower, central Seoul, on Thursday. Prices of wolse, or monthly rent, in August rose 0.9 percent on year. The figure is the biggest on year rise since July 2014.
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.
It’s been a year since the ruling Democratic Party used its dominance in the National Assembly to force through three housing bills empowering tenants. Since then, those who should have been helped have found themselves worse off.
Under the third of three tenet protection laws passed last year, details about all rental or jeonse deals above a certain won amount will have to be registered, raising the possibility that the tax authorities could use it find hidden income.
Foreign models attend an event at outdoor fashion brand Black Yak's store in Gangbuk District, northern Seoul, on April 13. The outdoor brand is starting a new service where it rents hiking shoes to foreign visitors for free.
Shaken by the growing prospect of defeat in next week’s by-elections, leaders of the ruling party issued apologies to voters on behalf of its lawmakers and key members of the administration for exhibiting double standards on property management.
The ruling party is facing criticism for some of its lawmakers circumventing new rent control laws by hiking the rents on their properties shortly before passing the bills.
Half-jeonse contracts have become more popular since the ruling Democratic Party rammed through the three laws designed to protect tenants. They included provisions for automatic extensions and a cap on rent increases.
Businesses say that the next round of relief money, the third attempt by the government to keep small companies whole, will barely cover a month of rent.