58% of Seoul tenants use renewal request rights… Reporting information disclosed from the 30th

Various residential types of citizens can be seen in downtown Seoul as seen from the Seoul Sky Observatory, Lotte Tower, Songpa-gu, Seoul. / Reporter Lee Joon-heon

Starting from the end of this month, starting with the Seoul area, information on cheonsei transactions such as the contract period and whether to renew the contract will be disclosed. As a result of operating the rental report system since last June, it was counted that over 500,000 cases were reported in 4 months. It was found that half of all renewal contracts used the renewal request right.

On the 26th, the Ministry of Land, Infrastructure and Transport announced on the 30th that it would disclose part of the cheonsei transaction information collected through the rental report system through the real transaction price disclosure system on a trial basis. The rental report system was implemented in June to transparently disclose rental market information and protect the rights and interests of tenants.

As a result of the rental reporting system, a total of 509,184 transactions were reported until last October, and when combined with the finalized date, the total amount of cheonsei transaction information was about 985,000. This is an increase of 10.1% compared to the same period last year (894,000 cases).

According to the contents of the monthly rent report, there were 408,953 new contracts, accounting for 80.3%. For the rest, 10231 cases (19.7%) were reported as renewal contracts. The Ministry of Land, Infrastructure and Transport explained, “There are many reports of new contracts that require a definite date as the initial guidance period for the introduction of the system, and reports of renewal contracts appear to be passive.”

It was confirmed that 53.3% (53,439 cases) of all renewal contracts used the renewal request right. By region, in Seoul (58.0%), Incheon (53.7%), and Busan (56.8%), by rental type, Jeonse (61.6%) showed more use of renewal request rights than monthly rent (30.2%). By housing type, the renewal request right was used more in apartments (56.2%) than in non-apartments (47.1%).

As a result of analyzing the information reported as renewal contracts, 76.3% of all renewal contracts, including the case of using the right to request renewal, showed that the rate of increase compared to the previous rent did not exceed 5%. There were 23,084 contracts (23.0%) that increased the rent by 5% or less without using the renewal request right.

The Ministry of Land, Infrastructure and Transport will additionally disclose the contract period and contract renewal information based on the information on the rental report system. Considering that the contract termination date may change at the time of moving, the contract period is disclosed on a monthly basis, and the information on the final date is disclosed in the same way from cases reported after last June. The contract renewal information consists of three items: whether a new contract is renewed, whether to use the renewal request right, and the previous rental fee.

Reported information will be disclosed first in Seoul, where the number of cases is high and data reliability is high, and the number of disclosure areas will be gradually expanded in the future. Information is disclosed at the end of each month after passing time such as error verification. The information reported from June to October will be disclosed collectively on the website of the actual transaction price disclosure system on the 30th. Kim Soo-sang, head of the Housing and Land Office at the Ministry of Land, Infrastructure and Transport, said, “This is a measure to return the results of the rental report system operation to the public in line with the purpose of introducing the system.


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