The Korea Land and Housing Corporation (LH) announced plans to recruit tenants for over 20,000 rental housing units in Seoul from this year until 2028. The initiative aims to enhance housing stability for low-income residents, including youth and newlyweds, by expanding the supply of public rental housing primarily in the metropolitan area.
On November 5, LH held a 'Housing Welfare Public Communication Forum' at the youth rental housing complex 'Esquis Gasan' in Geumcheon-gu, Seoul, to discuss improvements to youth housing policies.
The forum was organized to listen to the housing concerns of young people and explore the future direction of the rental housing program.
Attendees included LH President Lee Seong-hoon, young residents living in rental housing, housing experts, researchers, and youth influencers, who discussed the current state of youth housing policies and potential improvements.
In his opening remarks, President Lee stated, "As a result of accelerating housing supply to support the housing stability of low-income residents, including youth and newlyweds, the number of rental housing units under construction in the metropolitan area has increased from just 2,200 two years ago to 40,000 this year, an 18-fold increase in two years."
According to LH's report on rental housing construction, the nationwide construction volume has risen from 4,100 units in 2024 to 14,000 last year, with 44,000 units planned for this year. In the metropolitan area, the number increased from 2,200 to 10,000 and then to 40,000, while in Seoul, it grew from 600 to 3,200 and then to 11,000.
Plans to expand the recruitment of tenants in Seoul have also been announced. According to LH's plan released on the same day, from 2026 to 2028, a total of 20,528 rental housing units will be available for tenants across 25 districts in Seoul.
By year, this includes 3,072 units in 2026, 5,898 units in 2027, and 11,558 units in 2028. Of these, 14,558 units, or 70.9%, will be targeted at youth. Newlywed couples will have access to 3,398 units (16.6%), while other categories will account for 2,572 units (12.5%).
Key supply areas include Dongdaemun-gu with 1,920 units, Guro-gu with 1,900 units, Jungnang-gu with 1,861 units, and Seongbuk-gu with 1,638 units.
During the forum, discussions focused on the housing criteria and amenities preferred by young people, improvements needed from application to occupancy, and the communication system for housing welfare information.
Young residents living in rental housing emphasized the need for expanded rental housing for early-career individuals and suggested improvements to LH services, which they feel are lacking compared to private real estate platforms.
Yoon Kyung-min, a young resident of rental housing, remarked, "Newly constructed rental housing is more affordable than surrounding market prices, allowing young people to start stable lives, so I hope the supply is expanded."
Prior to the forum, LH gathered suggestions for improvements from young people and conducted surveys before and after the event to identify five key areas for review that require immediate attention. LH plans to continuously manage these selected areas to ensure they lead to actual policy improvements.
However, it is important to note that while the increase in construction volume is significant, subsequent procedures such as construction time and tenant recruitment are necessary for actual occupancy, making ongoing management of the supply schedule crucial.
President Lee stated, "For young people, a home is not just a place to live but a foundation for preparing for the future and starting new challenges. We will enhance communication and execution to ensure that young people can reside stably in urban areas at affordable costs while rapidly expanding public rental housing centered in the metropolitan area."
* This article has been translated by AI.
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