As rental prices in Seoul continue to rise, the increase is particularly pronounced in suburban areas such as Nowon, Dobong, Gangbuk, and Seongbuk. In large complexes with thousands of units, the number of available rental listings for key sizes has dwindled to single digits, raising concerns about increased housing costs for tenants ahead of the fall moving season.
According to the Korea Real Estate Agency on September 8, the rental price index for Seoul apartments rose by 0.21% in the fifth week of August (as of the 31st), a slight decrease from the previous week's increase of 0.22%.
While Gangnam (-0.13%) and Seocho (-0.10%) districts experienced declines, the outer regions of Seoul maintained their upward trend. Seongbuk (0.38%) saw increases in areas like Donam and Gil-eum, Gangbuk (0.38%) in Mia and Beon-dong, Nowon (0.37%) in Junggye and Sang-gye, and Dobong (0.32%) in Chang and Banghak, all surpassing the average increase for Seoul.
A shortage of rental listings is also evident in large complexes in suburban areas. In Nowon, the 'Mimi Sam' complex, which has nearly 4,000 units, had only four available rental listings for a 59 square meter unit as of today.
The Dobong district's Bukhan Mountain I-Park, with 2,061 units, had just three listings for an 84 square meter unit, and no listings for other sizes. In Seongbuk, the Jeongneung Poonglim I-One complex, with 1,971 units, had only one listing for a 59 square meter unit. Similarly, the SK Bukhan Mountain City in Gangbuk, which has over 3,800 units, had around four listings for the same size.
This means that even in large complexes, tenants have limited options for their desired rental sizes. With demand continuing amid a shortage of listings, landlords may have less incentive to lower prices, making negotiations more challenging for tenants. If the demand coincides with the fall moving season, even suburban areas, which typically have lower rental prices, may face upward pressure on prices.
Experts have noted that the government's plans to increase housing supply will take time to address the immediate shortage of rental listings. Kwon Dae-jung, a professor of economics and real estate at Hansung University, stated, "While the government has announced plans to expand housing supply, most are medium- to long-term measures. Without short-term supply solutions, there will be upward pressure on both rental and sales prices in the immediate future."
As the shortage of rental listings persists and the burden of monthly rent increases, the difficulties faced by genuine home seekers looking for affordable housing in suburban areas may also intensify.
Professor Kwon added, "As demand increases while housing supply remains insufficient, rental prices are bound to face upward pressure. Given the ongoing rise in monthly rent, tenants may experience even greater housing cost burdens this fall."
* This article has been translated by AI.
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