The average jeonse lease-deposit price for apartments in Seoul has exceeded 700 million KRW for the first time since statistics began [1].
This surge in rental costs places significant financial pressure on prospective tenants and signals a tightening housing market in the capital. As apartment deposits climb, the government is weighing the promotion of non-apartment housing supplies to alleviate the shortage.
Data from KB Real Estate confirms the average price has broken the 700 million KRW threshold [1]. The cumulative increase in jeonse prices in Seoul this year is more than five times the increase recorded last year [4].
Specific districts show even steeper climbs. In June 2024, a 59-square-meter unit in Mapo-gu was contracted for 900 million KRW [2]. During the same month, a similarly sized unit in Songpa-gu reached 1.1 billion KRW [3].
Real estate professionals attribute the trend to a lack of available inventory. A licensed real-estate agent in Mapo-gu said prices have been rising since the spring because landlords are asking for more when there are no available properties.
To combat these rising costs, officials are discussing the expansion of non-apartment housing. This strategy aims to diversify the rental market and provide more affordable alternatives to traditional apartment complexes, which currently dominate the high-demand sectors of the city.
“The average jeonse lease-deposit price for apartments in Seoul has exceeded 700 million KRW.”
The breach of the 700 million KRW average mark indicates a systemic shift in Seoul's rental market, where the traditional jeonse system is becoming prohibitively expensive for the middle class. By pivoting toward non-apartment supply, the government is attempting to break the monopoly of high-rise apartments on the rental market to stabilize prices.
