Gangnam One-Room Monthly Rent Hits 1.02 Million Won... Most Expensive in Seoul for 13 Consecutive Months [Real Estate AtoZ]

Average Monthly Rent for One-Room Apartments (Up to 33 sqm) in Multi-Family and Multi-Unit Buildings

Seoul Sees a 60,000 Won Drop in June, But Gangnam-gu Rises by 50,000 Won

In June, the average monthly rent for studio apartments in Gangnam-gu, Seoul exceeded 1 million won once again, following a similar trend in March. Although the average monthly rent in Seoul dropped by 60,000 won over the past month, rents in Gangnam-gu increased by 50,000 won, highlighting the district's continued strength even within the studio apartment market.

According to the 'Dabang Yeojido' report released by the real estate information platform Dabang on July 28, the average rent for studio apartments (multi-family and multiplex housing units with an exclusive area of 33 square meters or less) in Gangnam-gu last month was 1.02 million won. This represents a 5.1% increase from the previous month’s 970,000 won.

During the same period, the average monthly rent in Seoul decreased from 700,000 won to 640,000 won, marking an 8.2% drop. This is the largest decline so far this year and the lowest level between January and June. On the other hand, rents in Gangnam-gu were 158% of the Seoul average, making it the highest among all 25 autonomous districts in Seoul.

Gangnam-gu's rent reached the 1 million won mark for the first time in March this year. It dropped to 930,000 won in April, then rose to 970,000 won in May, and further climbed to 1.02 million won in June. In comparison to the Seoul average, the gap widened: 141% in March, 134% in April, 138% in May, and 158% in June.

Gangnam-gu has maintained its position as the district with the highest average monthly rent among Seoul’s autonomous districts for 13 consecutive months since June last year. The next most expensive districts were Seongdong-gu at 860,000 won (134% of the average), Yongsan-gu at 840,000 won (130%), Dongdaemun-gu at 750,000 won (116%), and Seocho-gu at 740,000 won (116%). The least expensive was Gangbuk-gu at 390,000 won. This constitutes a difference of 630,000 won from Gangnam-gu, meaning Gangnam's rents are 2.6 times higher.

Although Gangnam-gu had the highest monthly rent, Seocho-gu ranked first in terms of average jeonse (lump-sum deposit) price. The average jeonse deposit in Seocho-gu was 286.85 million won, up 2.7% from the previous month, marking the highest for 11 consecutive months among the 25 districts in Seoul.

Jongno-gu recorded the most significant increase among Seoul districts. The average jeonse deposit in Jongno-gu jumped from 121.75 million won in May to 235.63 million won in June, an increase of 113.88 million won (93.5%) in just one month. According to Zigbang, this spike appears to reflect transactions involving new properties with high deposits.

In this survey, monthly rents were calculated for contracts with deposits below 100 million won, with all figures standardized based on a 10 million won deposit. This adjustment allows for a fair comparison of rent levels across contracts with varying deposit amounts.

This content was produced with the assistance of AI translation services.