September Apartment Move-ins to Drop 31%, Lowest Point of the Year

The number of apartment move-ins across South Korea is expected to significantly decrease in September, falling by over 30% from the previous month. According to data from Jikbang Big Data Lab, approximately 10,184 apartment units are scheduled for occupancy in September, a notable drop from August's 14,701 units.

This decline is also evident when compared to the same period last year, with September's figures being 18.2% lower than the 12,454 units recorded in September of the previous year. The decrease is particularly pronounced in non-metropolitan regions, which saw a 42.4% reduction in new move-ins, compared to a 23.5% decrease in the Seoul metropolitan area. Consequently, the proportion of metropolitan area move-ins within the total national figure is projected to rise from 61.6% in August to 68.1% in September.

Key regions contributing to the September figures include Seoul, with 3,478 units, notably including the large-scale 'The H Bange' redevelopment project in Seocho District (3,064 units). Gyeonggi Province is set to see 3,332 units, with significant completions in Bucheon, Uijeongbu, and Yangju. Incheon will add 126 units in Bupyeong District.

Outside the metropolitan areas, Gyeongnam Province's Changwon will lead with 1,509 units. Other notable completions include 543 units in Chuncheon, Gangwon Province, and 450 units in Asan, South Chungcheong Province.

Looking ahead, the remaining months of the year (October to December) are anticipated to see an average of over 14,700 units per month, suggesting that September's low occupancy rate is a temporary dip. The influx of units from large complexes like 'The H Bange' around this period could lead to an increase in available rental properties, potentially influencing the local rental market.