The Korea Land and Housing Corporation (LH) has announced that its rental housing units have surpassed 1.5 million. These units are provided at approximately 45% of the market rental price, resulting in an annual housing cost savings of about 3.92 million won per household.
As of October 12, LH reported that its rental housing stock has increased by 555,000 units over the past decade, exceeding 1.5 million as of August 2026. This figure represents about 77% of the total stock of long-term public rental housing in South Korea, which stands at 1.95 million units.
Approximately 2.66 million people reside in LH rental housing, a number greater than the population of Daegu, which is about 2.35 million, and equivalent to 5.1% of South Korea's total population of approximately 51.61 million.
The rental conditions for LH housing are set at 45% of the market rental price. Based on this, the estimated annual savings in housing costs per household is around 3.92 million won, or about 330,000 won per month. This amount is roughly 20% of the average monthly living expenses of 1.69 million won for single-person households in 2024.
The savings are even more significant in the metropolitan area, where households in LH rental housing save approximately 4.86 million won annually, or about 410,000 won per month.
The total estimated annual savings for all households amounts to about 5.1 trillion won, which is approximately 12% of the Ministry of Land, Infrastructure and Transport's budget of 41.7 trillion won for housing and urban welfare in 2026.
LH rental housing also serves as a long-term safety net for residents. The average length of stay for tenants is 7.3 years, more than double the national average of 3.6 years for general rental households.
Women-headed households make up the largest demographic at 49.4%, followed by single-person households at 42.8%, households receiving government assistance at 38.5%, and elderly households at 34.0%. In terms of income, about 70% of residents belong to the lower income brackets, specifically the first to fourth deciles.
Efforts are underway to improve living conditions. The average living space in LH rental housing is 44 square meters, which is over 20% larger than the minimum living space of 36 square meters set by the Ministry of Land, Infrastructure and Transport for a three-person household.
LH is also focusing on remodeling aging permanent and national rental housing units that are over 15 years old, with plans to renovate 9,000 units annually and improve facilities in over 160 complexes. A satisfaction survey conducted among residents of renovated units recorded a score of 98 out of 100 in 2025.
This year, LH aims to supply a total of 75,000 rental housing units, including 11,669 units of newly constructed housing. In the fourth quarter, it plans to recruit tenants for 4,721 units nationwide, including 1,424 units in the Gwacheon Knowledge Information Town and 609 units in the Guri Galmae Station area.
For purchased rental housing, LH targets the supply of 26,000 units this year. To expedite the process, it has shifted from regular recruitment to a more flexible, region-based recruitment system. For lease rental housing, it is currently conducting ongoing recruitment with a target of 38,000 units.
In line with the government's housing supply plan, LH plans to supply more than 140,000 rental housing units annually in the metropolitan area from 2027 to 2030.
As instability in the rental market and housing cost burdens continue, LH rental housing is increasingly becoming a crucial safety net that not only provides housing but also reduces living costs for low-income families.
LH President Lee Seong-hoon stated, "Based on the 1.5 million rental housing units, we will continue to provide affordable housing safety nets for women and youth. We will actively work to expand supply, including introducing universal rental housing in prime locations such as the third new towns, in accordance with the government's housing stability plan."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.