Monthly rent for officetels in Seoul becomes more expensive

A view of a large apartment complex in the Seoul metropolitan area. Reporter Lee Jun-heon

Monthly rent for officetels fewer than 500,000 won per month out of all rental transactions of officetel in Seoul reached an all-time low this year. An officetel is an apartment for either office or living. On the other hand, the proportion of monthly rent for officetels between 600,000 won and 999,000 won reached a record high. Analysts say that the burden of housing costs is increasing for single-person and younger households living in officetels.

According to data from the Ministry of Land, Infrastructure, and Transport released on December 14, monthly rent transactions of officetels in Seoul stood at 36,068 from January to November this year, of which those of officetels with monthly rent of fewer than 600,000 won were 14,234.

This accounted for 39.5 percent of all monthly rent transactions, which is the lowest level since the agency began compiling related statistics in 2011.

On the contrary, the number and proportion of rent transactions for officetels with monthly rent between 600,000 won and 990,000 won were the highest ever. The number of officetel transactions contracted for between 600,000 won to 990,000 won per month in Seoul was 17,351 and the proportion of transactions was 48.1 percent. The number and proportion of those contracted for over 1 million won was 4,483 and 12.4 percent, respectively.

Among 25 districts in Seoul, Geumcheon-gu had the highest proportion of officetel rental transactions with monthly rent of fewer than 600,000 won.

Demand for jeonse officetels is on the decline in the aftermath of jeonse frauds and difficult economic situations. In the first 11 months of this year, the number of jeonse transactions of officetels in Seoul was 23,287, which is the lowest since 2019 (22,168).

※This article has undergone review by a professional translator after being translated by an AI translation tool.