DistantNews
Support us
🇰🇷 South Korea /Economy & Trade

“There Are No Longer Even Short-Term Jeonse Homes”: Seoul’s One-Year Leases Decline for Six Straight Months

From Dong-A Ilbo · () Korean

Translated from Korean and summarized by DistantNews. Read the original for the full story.

At a glance

News Documents & data Context piece
  • Seoul recorded 110 one-year apartment jeonse contracts in July, down for the sixth consecutive month.
  • The number fell from 230 in January to less than half that level in July, as fewer listings and the difficulty of matching landlords’ and tenants’ moving schedules weighed on short-term leases.
  • Tenants needing temporary homes for study, work transfers or other moves now have fewer choices.

Even tenants looking for a temporary jeonse home in Seoul are finding their options shrinking. One-year apartment contracts have declined for six consecutive months this year.

The Ministry of Land, Infrastructure and Transport reported 110 one-year jeonse contracts in Seoul in July. That was less than half the 230 recorded in January. Monthly totals fell steadily: 206 in February, 200 in March, 166 in April, 143 in May and 124 in June.

A one-year jeonse contract shortens the usual two-year lease to 12 months. Such agreements generally work when a landlord is preparing to sell or move into the property and a tenant needs temporary accommodation while studying, changing jobs or waiting to move into a new home.

The decline in available jeonse listings has made it harder to match those circumstances and moving schedules. As the broader jeonse market contracts, renters seeking a short stay are losing one of the few arrangements designed for temporary residence.

About this summary

Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

More Stories

From Our Blog