The Seoul Metropolitan government plans to provide 80,000 new rental apartments by 2018. As of the end of November 2014, 6,232 units have been completed, which is 107.7% of the goal set for the latter half of 2014.
There will be two different types of apartments: 60,000 units that will be constructed (public housing construction, city land, etc.), purchased (long-term deposit based housing in the areas around subway stations), and leased (long-term secured rental housing), and 20,000 units of Seoul-style private rental housing.
In particular, the Seoul Metropolitan Government will provide 3,096 new “community housing” units, where people can secure independent housing and work to resolve various social issues through community activities. The community housing includes “Sharing Car Apartments,” which are public, studio apartment buildings with communal vehicles that can be used by the building residents as well as neighboring residents, and “Vacant House Community Housing,” which makes use of vacant houses, including those that can be used for six years with proper maintenance.
Furthermore, the Seoul Metropolitan Government will provide a total of 17,000 units in three ways: revitalizing semi-public rental housing by offering up to KRW 150 million in loan support for apartment construction, increasing the public availability of private rental housing by addressing the issues faced by existing private renters and reducing the rent to about 90% of the market price, and relaxing regulations, such as raising the residential rate in the areas designated for maintenance.
Despite the lack of spaces to be developed as residential areas and other financial difficulties, the Seoul Metropolitan Government will seamlessly provide a supply of 80,000 units of new rental housing during the sixth term of the popularly-elected mayor. This initiative is part of the government’s response to the increasing housing costs caused by soaring long-term and monthly rent and rising demand for rental housing.
In terms of the supplier and type of housing provided: Seoul-style private rental housing will include 3,096 units of community housing, 2,000 units of semi-public, loan-supported rental housing, 3,000 units supplied through relaxed regulations, and 12,000 units supplied through an increase of public availability of private rental housing, while public rental housing will include 16,969 constructed units, 15,080 purchased units, and 28,000 leased units.
< 60,000 Units of Public Rental Housing >
< 20,000 Units of Seoul-style Private Rental Housing >