Rental Crisis Spreads to Gyeonggi Province; Gwangmyeong Listings Plummet 85%

A severe shortage of long-term rental apartments is expanding across Gyeonggi Province, mirroring a growing crisis in the region surrounding Seoul. In the city of Gwangmyeong, the situation has become particularly acute, with available rental properties drastically reduced.

For instance, the large apartment complex 'e-편한세상센트레빌' in Gwangmyeong, comprising 2,815 units, currently lists only three rental apartments and two monthly rentals. Similar conditions prevail in other major complexes in the area, such as '광명두산위브트레지움' and '철산래미안자이,' which have fewer than ten rental units available. This dramatic decrease in listings has led to an 85% drop in available rental properties in Gwangmyeong.

Across Gyeonggi Province, the total number of rental apartments has decreased by approximately 30% since the beginning of the year. Some areas have seen reductions of up to 80%. Real estate platform Asil reported that Gyeonggi's rental listings fell from 17,745 on January 1 to 12,366, a decrease of over 5,000 units. The sharpest decline was observed in Gwangmyeong, where listings dropped from 1,716 to 258. The city of Guri also experienced a significant decrease of 73.3%, with listings falling from 243 to 65.

Analysts attribute this widespread scarcity to a fundamental imbalance between supply and demand. The number of available rental units is insufficient to meet the growing demand, driving up rental prices and intensifying the housing crisis for residents in the province.