Seoul Studio Apartment Rents Fall to 640,000 Won Average in June

The average monthly rent for studio apartments in Seoul's villa and multi-unit buildings saw a decrease in June, settling at 640,000 won. This represents a drop of 60,000 won from the previous month. The average jeonse deposit also experienced a slight decline, now standing at 221.97 million won. These figures come from an analysis of real transaction data by real estate platform Dabang. The decrease in rental prices is attributed to a higher volume of transactions for relatively cheaper studio apartments. Gangnam district continued its trend of having the highest average monthly rent, reaching 1.02 million won, a 5.1% increase from the prior month. This marks the 13th consecutive month Gangnam has held the top spot for average studio apartment rents. Other districts with high average rents include Seongdong-gu (860,000 won), Yongsan-gu (840,000 won), Dongdaemun-gu (750,000 won), and Seocho-gu (740,000 won). The average monthly rent for studio apartments in Seoul, which began the year at 750,000 won in January, has shown a downward trend, reaching its lowest point in June. This seasonal dip is often linked to decreased demand after the new school year begins, as student demand typically drives up rents at the start of the year.