The Ministry of Land, Infrastructure and Transport announced on the 30th that it will recruit the first residents for the 'Jeonse Lease Type Durable Housing.' The 'Jeonse Lease Type Durable Housing' is part of follow-up measures to the 'Housing Supply Expansion Plan for National Housing Stability' announced by the government in August of last year.
This new type of jeonse lease housing, designed for safe living in non-apartment dwellings such as villas, multi-family housing, and urban-type housing, allows residents to stay for up to 8 years. Additionally, after verifying the safety of dwellings through rights analysis and other assessments, the public housing provider signs a lease agreement and re-rents to the residents, ensuring the protection of tenant deposits and a stable living environment, which is beneficial in light of lowered trust in the non-apartment jeonse market due to rental fraud.
The 'Jeonse Lease Type Durable Housing' expands jeonse lease housing mainly supporting vulnerable residents, with no income or asset criteria as with the previously launched 'Durable Jeonse Purchase Lease Housing' last year. It provides support for up to 80% of the jeonse deposit at a low interest rate of 1-2% per year, granting priority to residents such as newborns, multi-child families, prospective newlyweds, newlyweds, and other non-homeowners. The deposit support limits vary by region: 200 million won in the metropolitan area, 120 million won in metropolitan cities, and 90 million won in other areas.
This year, a total of 5,000 units will be supplied across 17 cities and provinces nationwide. The metropolitan area will supply 2,721 units (1,449 units in Seoul, 500 units in Incheon, and 772 units in Gyeonggi), while the non-metropolitan area will supply 2,279 units.
Starting from May 12, the Korea Land and Housing Corporation (LH) will recruit residents for 2,800 units and Incheon Urban Corporation will do so for 300 units. In the first half of this year, the Seoul Housing and Community Corporation will follow with 1,200 units, and the Gyeonggi Housing and Urban Corporation will recruit for 500 units afterwards.
Details regarding recruitment by LH can be found on the LH Subscription Plus website, and the jeonse lease housing recruited by local corporations such as the Seoul Housing and Community Corporation can be verified on their respective websites.
In addition, a 'Durable Landlord System' for the 'Jeonse Lease Type Durable Housing' will be established in the second half of the year. Under this system, if a landlord registers their own dwelling directly, LH will review the rights and relations in advance to list only safe dwellings on the jeonse lease portal. Through this, tenants can easily find safe non-apartment jeonse dwellings, and it is expected that this will also contribute to alleviating vacancies in landlords' non-apartment dwellings, according to the Ministry of Land, Infrastructure and Transport.
Lee Gi-bong, the director of housing welfare policy at the Ministry of Land, Infrastructure and Transport, noted, "This jeonse lease type durable housing is an important step to resolve the anxiety in the non-apartment sector caused by rental fraud and to create a jeonse market environment where many citizens can live comfortably and securely for an extended period." He added, "We will actively support residents so they can make a new start in a pleasant and stable living environment."