Last year, the average monthly management fee for apartments in the Seoul area increased by about 5% compared to the previous year. The largest increase in the management fees was seen in the long-term reserve fund. The reserve fund rose by over 10% compared to the previous year.
According to Apartment Eye, an apartment living support platform, the average monthly management fee for 2,600 apartment complexes in Seoul was 3,242 won per square meter (based on usable area) last year. This is a 4.95% increase from 3,089 won per square meter in the previous year.
If you live in a 'nationally preferred' 85-square-meter apartment, the average monthly management fee is 275,570 won.
Looking at the monthly management fees, January of last year was the highest at 3,744 won per square meter. This was followed by ▲December (3,773 won) ▲August (3,551 won) ▲February (3,479 won) ▲March (3,286 won) ▲September (3,259 won). It is interpreted that the fluctuations in management fees were influenced by heating and cooling demands.
By item, the increase in the reserve fund included in the monthly management fee for major facility repairs and replacements exceeded 10%. The reserve fund was 254 won per square meter on average in 2023, but last year it rose to 285 won, marking a 12.20% increase in one year.
During the same period, the electricity bill increased from 796 won to 848 won, a rise of 6.53%. The heating cost rose from an average of 257 won in 2023 to 264 won last year, marking a 2.72% increase. In December last year, the heating cost was 743 won per square meter, which is a 9.10% increase compared to 681 won in the same month the previous year.
Apartment Eye analyzed that this increase in management fees was caused by prolonged high fees during the summer last year. It was noted that management fees remained high until September due to the heatwave. The electricity fee in August last year was the highest of the year at 1,438 won per square meter and was also high at 1,125 won in September. These figures were significantly higher compared to the previous year's rates of 1,217 won per square meter in August and 894 won per square meter in September.
Apartment Eye is a dedicated app that supports management fee payments for public housing and collective buildings across more than 33,000 complexes nationwide.