The monthly rent of Seoul’s studio flats exceeds KRW 1 million

The average monthly rent for newly built studio flats in Seoul has exceeded 1 million won.

According to data compiled by Station3, which operates the real estate information platform Dabang, and obtained through the Ministry of Land, Infrastructure, and Transport's real transaction price system, the average monthly rent for studio flats (33㎡or less) in multi-family homes with a deposit of 10 million won and built within five years in the Seoul metropolitan area was 1.015 million won in February. This marks a 9 percent increase compared to the same period last year. By region, the average monthly rent in Gyeonggi Province was 633,000 won, while in Incheon, it was 537,000 won. Seoul's average rent is 1.6 times higher than Gyeonggi Province and 1.89 times higher than Incheon.

In January of this year, the total number of monthly lease and jeonse lease (depositing a lump sum without paying monthly rent) nationwide was 21,146. Of these, 9,268 were jeonse leases and 11,878 were monthly rent leases. The share of monthly rentals was 56.2 percent, the highest level since 2011, when the ministry began compiling the statistics. It is analyzed that monthly rentals, rather than jeonse, and new buildings, rather than older buildings, have become more prevalent in the aftermath of jeonse frauds. Additionally, the rent of newly built studio flats is also on the rise.

The average monthly rent for newly constructed studio flats in Seoul exceeding KRW 1 million will be a burden for people who need them," said Jang Jun-hyuk, the head of Marketing at Dabang. “The demand for these newly constructed studios is projected to surge, driven by the rising number of single-person millennial and Gen Z households who prioritize a pleasant living environment.”


김형민 기자 kalssam35@donga.com