Average Monthly Rent for Seoul One-Room Apartments Rises 5.2% to KRW 710,000 in a Month
Gangnam-gu average monthly rent: KRW 970,000
Average jeonse deposit: KRW 219.91 million
Down slightly 1.1% from the previous month
Average monthly rent for studio apartments in Seoul rose 5.2% month on month to 710,000 won in September.
According to the “September Dabang Yeojido” report released on October 22 by Dabang, a real estate information platform, the average monthly rent for studio apartments in row houses and multi-family homes in Seoul was 710,000 won in September, up 35,000 won (5.2%) from the previous month. The average jeonse deposit fell by 2.37 million won (1.1%) month on month to 219.91 million won.
By district, Gangnam-gu had the highest average monthly rent among Seoul’s 25 districts, at 970,000 won. That was 138% of the citywide average and marked a 10.8% increase from the previous month. It was followed by Yongsan-gu at 126% of the Seoul average, Gwanak-gu at 123%, Seongdong-gu at 117%, Gwangjin-gu at 112% and Seocho-gu at 109%.
Gwanak-gu posted the largest increase, with average monthly rent rising 30% from the previous month. The increase is attributed to the inclusion of some transactions for newly built studio apartments. By contrast, average monthly rent in Yongsan-gu fell 23.1% month on month. The decline is believed to reflect a correction in the average after it had risen in August, when some transactions for newly built studios were included.
Gangnam-gu also had the highest average jeonse deposit. It stood at 287.08 million won, up 7.6% from the previous month and 131% of the Seoul average. Seocho-gu, which recorded the highest figure in August, followed at 123% of the citywide average. It was followed by Gwangjin-gu at 109%, Mapo-gu at 108%, Yongsan-gu at 106% and Yeongdeungpo-gu at 103%.
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The survey covered studio apartments of 33 square meters or less in row houses and multi-family homes that were transacted in Seoul in September, based on actual transaction prices reported to the Ministry of Land, Infrastructure and Transport. Statistics were calculated using a deposit of 10 million won and incorporating the jeonse-to-monthly-rent conversion rate. Monthly rent figures were based on transactions with deposits of less than 100 million won, while jeonse deposits were based on all jeonse transactions.
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