Seoul Studio Apartment Rents Drop 8% in June

Seoul's rental market experienced a notable downturn in June, with both lump-sum deposit (jeonse) and monthly rent prices for studio apartments in villas and multi-family buildings falling. The monthly rent segment saw a particularly sharp decline, dropping by over 8% from the previous month. This represents the most significant monthly rent decrease recorded in the first half of 2024.

The findings are part of the June "Dabangyeojido" report released by real estate platform Dabang. The report meticulously analyzes jeonse and monthly rent trends for studio apartments, defined as units under 33 square meters of exclusive use area, across all 25 autonomous districts within Seoul.

This downward trend in rental prices suggests a shift in the market dynamics, potentially influenced by various economic factors and housing supply conditions within the South Korean capital.