High-Priced Monthly Rents Rise in Gangbuk as Deals Over 1 Million Won Hit 41%

High-priced monthly rent contracts of more than 1 million won are increasing rapidly in Seoul’s outer districts, especially Gangbuk-gu. According to mk.co.kr, the share of Gangbuk-gu monthly rent contracts above 1 million won jumped from 29% to 41% in one year. A trend once concentrated in Gangnam is now spreading to non-Gangnam areas. The main background is a shortage of available rental listings. With supply limited and tenant demand continuing, the lack of listings is being cited as a driver of higher monthly rents. The trend may increase housing cost burdens for tenants and lift rent benchmarks in Seoul’s outer rental markets. Source: mk.co.kr