Monthly rental transactions in Seoul exceeds 70,000 last year

Monthly rental transactions in Seoul recorded the highest ever last year, exceeding 70,000. According to the Seoul Real Estate Information Square on Monday, monthly apartment rental transactions excluding jeonse were 71,080 last year based on transactions reported. This is the highest since statistics began to be collected in 2011.

Monthly rental transactions have been on the rise since 2018. The number stood at 48,268 in 2018 and surpassed 50,000 in 2019 and 60,000 in 2020. Last year, the number amounted to 60,783. Monthly rental and jeonse transactions are counted based on tenants’ report of the fixed date on their rental contract. However, there is a possibility that the report of jeonse and monthly rental transactions have increased compared to the previous year as the jeonse and monthly rental transactions system was implemented with a one-year probation period last year.

The proportion of monthly rental transactions stood at 37.4 percent last year. The number has increased for the third year in a row, following 28.1 percent in 2019 and 31.1 percent in 2020. In particular, Geumcheon-gu was the only district in Seoul to have a higher proportion of monthly rental transactions (56.1%) than jeonse transactions (43.9%) among 25 districts in Seoul.


Lee Sae Saem iamsam@donga.com