Monthly rent accounted for more than half of Seoul apartment lease transactions for the first time in the January-September period, as the supply of jeonse (a lump-sum deposit lease) listings dried up. If the trend holds, monthly rent will top 50% on a full-year basis as well. Rents are rising at the same time, adding to the burden on low- and middle-income households.
An analysis of apartment transaction data from the Seoul Real Estate Information Plaza showed that 87,740 monthly rent deals were recorded in Seoul from January through September, or 51.0% of the 172,027 total lease transactions, according to figures released on the 20th. Jeonse deals totaled 84,287 over the same period, 3,453 fewer than monthly rent contracts.
A year earlier, monthly rent deals numbered 90,310 and jeonse deals 116,272, putting monthly rent at 43.7% of the total. The share has climbed 7.3 percentage points in one year.
Monthly rent crossed the halfway mark because jeonse transactions dropped sharply. Analysts point to tighter rules on jeonse deposit loans, a shortage of jeonse listings and more existing tenants renewing their leases.
Monthly rent deals fell 2.8% from a year earlier in the January-September period, while jeonse deals tumbled 27.5% — a decline roughly 10 times steeper.
Since the Seoul Real Estate Information Plaza began compiling the data in 2011 through 2025, monthly rent had never exceeded 50% of annual lease transactions. Last year's 44.5% was the previous record high.
Districts where monthly rent outnumbers jeonse are spreading across the city. Of Seoul's 25 autonomous districts, 13 recorded more monthly rent deals than jeonse deals from January through September: Gangnam, Gangbuk, Gwanak, Gwangjin, Dongdaemun, Mapo, Yeongdeungpo, Yongsan, Jungnang, Geumcheon, Jongno, Jung and Guro.
Rents have kept climbing as monthly leases gain ground, raising concerns about the strain on low- and middle-income households. The average monthly rent for a Seoul apartment was 1.661 million won in September, up 218,000 won from 1.443 million won a year earlier, according to the Korea Real Estate Board's national housing price survey. The median monthly rent rose to 1.4 million won from 1.2 million won over the same period.
The Seoul Real Estate Information Plaza's apartment transaction figures are reference data compiled from property transaction reports based on contract dates, and may be revised later depending on filings and contract cancellations.