High monthly rents in outer Seoul
Expanding beyond central districts
In short
Monthly rent contracts exceeding 3 million won are increasing in outer Seoul areas including Nowon, Dobong, Gangbuk, Geumcheon, Gwanak, and Guro.
From January 1 to November 5 this year, such high-rent contracts reached 40, a 2.7-fold increase from last year.
Rising jeonse (long-term deposit rental) prices and conversions to monthly rent are increasing housing cost burdens in outer areas.
Key facts
| When | Based on Ministry of Land, Infrastructure and Transport real transaction data from January 1 to November 5 this year. |
|---|---|
| Where | Six outer Seoul districts: Nowon, Dobong, Gangbuk, Geumcheon, Gwanak, and Guro. |
| What | Monthly rents of 3 million won or more reached 40 contracts, up 166.7% from 15 last year. |
| How | Rising jeonse prices combined with conversions to monthly rent spread high-rent contracts. |
What it means for me
Tenants unable to secure jeonse deposits may have to accept high monthly rents even in outer areas.
Office workers in their 40s facing jeonse contract renewals should check potential rent increases from conversions beforehand.
Self-employed workers with irregular income may face greater monthly rent burdens.
Retired households with fixed incomes find it harder to save on housing costs even by relocating to outer areas.
