In March, Seoul’s studio rental market showed mixed movement, with monthly rents rising while jeonse deposits edged down.
Real estate information platform Dabang said it released its “March Dabang Yeojido” report on the rental and jeonse levels for studio units in Seoul’s multi-family housing — row houses and villas with exclusive floor space of 33 square meters (355 square feet) or less — based on March data.
Using a 10 million won deposit as a benchmark, the average monthly rent for a Seoul studio was 710,000 won, up 40,000 won (5.2%) from the previous month, Dabang said. The average jeonse deposit was 213.86 million won, down 830,000 won (0.4%), suggesting the earlier rise has slowed.
“Dabang Yeojido” compares each district’s average monthly rent and jeonse deposit with the Seoul average (set at 100%), using transaction prices reported to the Ministry of Land, Infrastructure and Transport. Readings above 100% indicate prices higher than the citywide average.
By district, monthly rents were strongest in the Gangnam area and major central neighborhoods. Gangnam-gu was the highest at 141% of the Seoul average, followed by Seocho-gu (122%), Seongdong-gu (122%), Yongsan-gu (118%) and Jungnang-gu (116%). Including Gwangjin-gu and Dongdaemun-gu (108%) and Gangseo-gu and Yeongdeungpo-gu (101%), nine districts were above the city average.
For jeonse deposits, Seocho-gu ranked highest at 125%, followed by Jung-gu (120%), Gangnam-gu (119%), Gwangjin-gu (113%), Dongjak-gu (112%) and Yongsan-gu (110%). Including Yeongdeungpo-gu (106%), Mapo-gu (104%) and Dongdaemun-gu (101%), nine districts were above average.
Dabang said its March figures cover studio transactions in Seoul and calculate monthly rents using a 10 million won deposit after applying a rent-to-jeonse conversion rate, while jeonse figures are based on all jeonse transactions. Monthly rent data were compiled from deals with deposits under 100 million won.
* This article has been translated by AI.
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