Seoul tenants' exodus pushes Gyeonggi rental prices higher

Rental prices for apartments in Gyeonggi Province are significantly increasing as tenants leave Seoul, seeking more affordable housing options. Many individuals who relocated from the capital anticipated securing homes in Gyeonggi for a deposit similar to their Seoul rent but are now finding themselves needing additional loans to cover the costs.

One tenant, identified as Mr. Kim, who has been renting in Songpa District, Seoul, for four years, is facing contract expiration in October. He has been searching for apartments in areas like Seongnam and Anyang in Gyeonggi Province over the weekends. Kim expressed his surprise, stating, "I expected to find a place in Gyeonggi Province with my Seoul apartment's jeonse deposit, but now I have to consider additional loans." He added that his current apartment is close to his workplace, but the rising jeonse prices have made it unaffordable, and he has already used his contract renewal option, making an extension difficult.

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I expected to find a place in Gyeonggi Province with my Seoul apartment's jeonse deposit, but now I have to consider additional loans.

The 'escape from Seoul' trend is accelerating as tenants struggle with Seoul's soaring jeonse prices. This migration is causing a rapid decrease in available rental properties in Gyeonggi Province, consequently driving up rental costs across the wider Seoul metropolitan area. The situation forces individuals like Kim to grapple with the difficult choice between a manageable commute and the burden of housing expenses.

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My current apartment is close to my workplace, but the rising jeonse prices have made it unaffordable, and I have already used my contract renewal option, making an extension difficult.