Seoul University Area Studio Rents Soar 7.7% in a Year, Averaging 630,000 Won

Students seeking housing near Seoul's major universities are facing a significant increase in rental costs, with average monthly rents for studio apartments rising 7.7% over the past year.

According to data from real estate platform Dabang, the average monthly rent for a studio apartment near 10 major universities in Seoul was 625,000 won (approximately $470 USD) as of last month. This represents an increase of 44,000 won from the same period last year. Management fees have also seen a substantial jump, increasing by 10.9% from 75,000 won to 84,000 won per month. These figures are based on a deposit of 10 million won and units under 33 square meters.

The steepest rent hike was observed near Seoul National University, where prices surged by 26.0% from 423,000 won to 533,000 won in just one year. Other universities experiencing notable rent increases include Hankuk University of Foreign Studies (15.1%), Yonsei University (10.4%), Chung-Ang University (9.4%), and Hanyang University (9.2%). In contrast, Sungkyunkwan University was the only institution among the 10 analyzed where rents slightly decreased by 4.5%.

Management fees also saw a significant rise, with apartments near Chung-Ang University experiencing the largest increase at 34.2%. The area around Ewha Womans University remains the most expensive, with average monthly rents at 767,000 won and management fees at 103,000 won, both over 20% higher than the average for the analyzed universities.

Dabang attributes the overall upward trend in rents and management fees to the growing demand for smaller housing units, driven by an increase in single-person households. This trend is expected to continue as students prepare for the upcoming semester.

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The monthly rent and management fees for studio apartments near major universities in Seoul are showing an overall upward trend, coupled with the expansion of demand for small housing due to the increase in single-person households.