The housing burden on young people is intensifying as housing sales and monthly rent prices rise sharply. In this situation, the "Youth Safety Housing" provided by the Seoul Metropolitan Government has emerged as a new housing alternative and is attracting attention.
Sales prices in Seoul continue to rise. According to the "January 2025 Private Apartment Sale Price Trend" released by the Housing and Urban Guarantee Corporation (HUG), the sale price of private apartments in Seoul was measured at 44.05 million won per 3.3㎡ (1 pyeong). This is an increase of 18.84% (6.982,800 won) from last year.
The rental market situation shows a similar trend. According to data from the Korea Real Estate Agency, the average lease on a deposit basis for apartments in Seoul rose for the 20th consecutive month from 510.72 million won in May 2023 to 562.18 million won in January this year. As demand for monthly rent increases due to rising prices in the jeonse market, monthly rent has also been on the rise for 21 consecutive months from April 2023 to January this year.
Amid the increasing housing burden on young people, youth safety housing, which is provided at a lower rent than the market price, is attracting attention as a housing alternative. Youth Safe Housing is a public and private rental housing supplied by the Seoul Metropolitan Government to promote housing stability for young people and newlyweds. It is supplied around subway stations and along major roads, and rents lower than the surrounding market price are considered advantages. In the case of public rental, rent is set at 30-70% of the surrounding market price, private rental is set at 75% of the market price, and general supply is set at 85% of the market price.
Because of these advantages, youth safe housing has a high competition rate. According to data from the Seoul Housing and Urban Innovation Corporation (SH Corporation), 46,631 people applied for 541 households in the first round of public rental housing last year, recording an average competition ratio of 86.19 to 1. In the second round, 56,555 people applied to 581 households, with an average of 97.34 to 1, and in the third round, 63,161 people from 1,044 households, showing a fierce competition rate of 60.3 to 1.
As of the date of public announcement, anyone between the ages of 19 and 39 and newlyweds (who can prove their marriage within seven years of marriage or before moving into the house) can apply for youth safety housing through general supply. If you meet the income and asset standards, you can apply with a special supply, and you do not need a subscription account.
An official from the real estate industry advised, "As the high subscription competition rate shows, the housing problem of young people is serious," adding, "Young people and newlyweds who lack financial leeway deserve active attention because they are in an excellent location and have competitive rent."
This year, the Seoul Metropolitan Government plans to supply a total of 8050 youth safety homes in 26 locations throughout Seoul. Among them, public rental consists of 2584 households and private rental consists of 5,466 households. In particular, in the first half of this year, 5,102 households in 15 places, more than half of the total supply, will recruit tenants. Among them, 1,830 public leases and 3,272 private leases.
Lotte Engineering & Construction is planning to recruit tenants for its youth safety housing "Yongsan Namyeong Station Lumini" in Galwol-dong, Yongsan-gu, Seoul. The complex has 4 basement floors, 24 floors above ground, 1 building, and a total of 269 households with a dedicated area of 23-49㎡, of which 217 households, excluding public leases (52 households), will be supplied as private leases.
This complex is a super station area right in front of Namyeong Station on Subway Line 1, and it is a triple station area where you can use Sookdae Entrance Station on Subway Line 4 and Samgakji Station, a transfer station on Line 4 and 6. In addition, major road networks such as Cheongpa-ro, Wonhyo-ro, and Han River-daero are adjacent, providing excellent access to business areas such as Jongno, Yeouido, and Mapo.
There are Yongsan Park and Hyochang Park around the complex, so you can enjoy leisure activities, and large commercial facilities such as Lotte Mart, Lotte Outlet, I-Park Mall, E-Mart, and CGV are also close, providing a convenient living environment.
Seoul National University Station BX201 in Bongcheon-dong, Gwanak-gu, Seoul, constructed by Gangnam Construction, will recruit additional tenants on the 28th. It has two basement floors and 20 floors above the ground, a total of 201 households, of which additional private rental supplies are one 15 square meters and two 30 square meters. It is a 5-minute walk from Seoul National University Station on Line 2 and is close to Seoul National University, Soongsil University, and Chung-Ang University. Community facilities such as coin laundry rooms, conference rooms, and book cafes are provided where young people and newlyweds can communicate and live together.
Earlier this month, Gangnam Gunyoung also recruited additional tenants for "The Summit Tower" and "The Classic Action" in Noryangjin-dong, Dongjak-gu, Seoul. Heesang Construction also applied for a tenant's subscription for Archeum Deungchon in Yeomchang-dong, Gangseo-gu, Seoul. Of a total of 156 households (20 to 40 square meters exclusively) with 2 basement floors and 15 ground floors, 104 were private rental supplies.
