Seoul Jeonse Prices Hit 84-Week Streak; Average Rent Tops 1.3M Won

Seoul apartment jeonse prices rose for 84 consecutive weeks, marking the third-longest streak on record. The sustained increase reflects persistent demand for affordable housing in the capital.

Average monthly rent in Seoul exceeded 1.3 million won for the first time since 2015. This surge coincides with a sharp decline in available deposit-based leases.

Outer Districts Lead Price Inflation

Nowon-gu recorded the highest jeonse growth rate at 1.58 percent last month. A 69-square-meter unit in the district saw its deposit price jump from 400 million to 450 million won in one month.

Monthly rent levels in these outer districts are approximately 1.8 times the Seoul average. Residents face displacement as landlords reclaim properties for personal use, forcing tenants to seek homes in neighboring cities like Uijeongbu.

Tenants Prioritize Contract Renewals

The proportion of renewal contracts among Seoul apartment jeonse agreements reached 58.9 percent last month. This figure represents an increase of more than 15 percentage points compared to the same period last year.

Many tenants choose to renew existing leases rather than move to new units. This behavior stabilizes some rental markets while intensifying competition for the limited available inventory.

Shift Toward Monthly Rentals

Monthly rent accounted for 69.7 percent of Seoul housing transactions from January to July. This share is up 5.9 percentage points from the previous year, indicating a structural market shift.

The jeonse price index for tenement and multi-family houses surpassed its previous peak for the first time in four years. Experts from KB Kookmin Bank warn that this instability will persist until new supply increases.

Rising rental costs are driving some tenants to consider purchasing homes instead. Sources from sbs.co.kr note that stabilization policies must address both rental and sales markets simultaneously.