Koreans See Apartment Rental Prices Soar

Published on 2012/12/29 | Source

It will take nearly five years for an average household in Korea to save up the money needed to rent a 84-square-meter apartment in Seoul and that's without spending ANY money during that period.
According to a report by real estate research firm Real Today on Tuesday, the average jeonse price for an 84-square-meter apartment in Seoul is 220-thousand dollars.
Jeonse is a housing rental system unique to Korea that requires renters to pay a large lump-sum deposit on a rental property.
And according to Real Today, jeonse prices for apartments have been skyrocketing with a recent surge in demand taking an average household that brings in about 48 thousand dollars a year, FIVE years to earn enough to rent that 84-square-meter apartment.

Reporter : Lian.yoo@arirang.co.kr