The Seoul Housing and Communities Corporation (SH) is set to recruit residents and prospective residents for 1,381 long-term rental housing units, including major new developments in the Gangnam area.
On August 31, SH announced the recruitment for its 51st long-term rental housing project. The official announcement will be posted on SH's website at 4 p.m. today.
This supply consists of 291 units from nine new developments and 1,090 units from 70 re-supplied projects. The new supply includes 24 units at Raemian Leventus in Gangnam, 57 units at Cheongdam Leel, 133 units at The DH Bangbae in Seocho, and 20 units at Othier Banpo.
Additionally, there will be nine units at Doosan We’ve the Prestige in Guro, two units at the Imun 3 Complex Public Office in Dongdaemun, nine units at Seongdong Xi River View in Seongdong, 36 units at Yeongdeungpo Xi Dignity in Yeongdeungpo, and one unit at Urban Heim 102 in Jungnang.
The re-supplied units include 705 units from SH's construction projects in Segok and Magok districts, 312 units from purchased projects like The DH Daechi Edelweiss and Maple Xi, and 73 units from Seoul Ritz No. 3, totaling 1,090 units. The re-supply also includes recruitment for prospective residents.
Long-term rental housing is offered at a deposit level below 80% of the surrounding market price, allowing residents to stay for up to 20 years without conversion to ownership.
Eligibility for application includes being a resident of Seoul as of the recruitment announcement date and being an adult member of a household without home ownership. Income limits apply based on housing size, with thresholds set at 105% or 150% of the average monthly income for urban workers. For dual-income households, the limits are relaxed to 140% or 200%.
Applicants must also meet asset limits of 662 million won and vehicle value limits of 45.42 million won. Families with children may have their income and asset criteria relaxed by up to 20 percentage points.
For general supply, priority is determined based on income conditions, residence, and the number of subscriptions to the comprehensive subscription savings plan for units with a size of 85 square meters or less. For units exceeding 85 square meters, priority is based on the amount deposited and the duration of the subscription.
Priority is given to seniors, people with disabilities, caregivers for elderly parents, families with two or more children, and veterans. Those who do not qualify for priority will automatically be considered as general applicants for the same unit and size.
Applications can be submitted online or in person. First priority applications will be accepted from September 14 to 15, second priority on September 16, and third and fourth priority on September 17. If the number of applicants exceeds a certain multiple of the available units, subsequent applications will not be accepted.
Document review candidates will be announced on October 14, and final winners will be revealed on March 5, 2027. Move-in for re-supplied units is scheduled for after April 2027, while the move-in dates for new supply will vary based on construction completion.
SH emphasized that long-term rental housing is public housing provided to ensure residential stability for non-homeowning Seoul citizens at a deposit level below 80% of the surrounding market price, and urged caution regarding misinformation surrounding this initiative.
Meanwhile, among existing long-term rental tenants, approximately 9,500 households are approaching contract expiration within the next five years. On August 25, the Seoul city government stated that it is a principle that tenants must vacate after the maximum residency period of 20 years, denying the possibility of contract extensions or alternative rental housing offers.
* This article has been translated by AI.
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