More than 70% of Koreans Feel Increased Burden from Rent and Lease Prices

More than 70% of South Koreans feel that the burden of rent and lease prices has increased compared to the past. Additionally, over 70% expect further increases in these prices in the future.

According to a real estate policy survey conducted by Realmeter at the request of Democratic Party lawmaker Kang Deuk-gu, 43.1% of respondents identified 'stabilizing rent and lease prices' as the top priority for real estate policy. 'Stabilizing prices in low-income housing areas' followed closely at 35.6%. Combined, these responses accounted for 78.7%.

The perception of increased rent and lease burdens is significant, with 74.0% of respondents indicating that their housing burden has grown compared to the past. Among them, 58.4% said it has 'increased significantly,' while 15.6% reported it has 'somewhat increased.' Furthermore, 73.0% of respondents anticipate that rent and lease prices will rise in the future.

The main reasons cited for instability in the rent and lease market include 'expansion of land transaction permission zones and regulations on transactions and loans' at 26.8%, followed by 'increased taxes on multiple homeowners and rental business operators' at 24.5%, 'lack of new apartment supply' at 21.8%, and 'high-interest burdens' at 12.2%.

To stabilize the rent and lease market, the most urgent policy identified was 'expanding the rapid supply of private housing' at 24.8%. This was followed by 'expanding public housing supply' at 20.9%, 'increasing lease financing and easing financial regulations' at 20.1%, and 'easing regulations on multiple homeowners' at 19.7%. When combining responses for expanding both private and public housing supply, the total reached 45.7%.

A significant 85.2% of respondents indicated that expanding housing supply in the metropolitan area is necessary, with 55.5% stating it is 'very necessary' and 29.7% saying it is 'somewhat necessary.'

Kang stated, "Housing issues are not just about prices; they are directly related to the daily lives of the people. Current real estate policies must include strong measures to stabilize the rent and lease market alongside expanding housing supply."

The survey was conducted with 500 residents of Seoul from October 1 to 2, and the margin of error is ±4.4 percentage points at a 95% confidence level.