Incheon City has announced an increase in the supply of 'Thousand Won Housing' through rental purchases, raising the total from 500 to 700 units compared to the previous year.
The city of Incheon has made a significant announcement regarding its rental housing program, increasing the number of 'Thousand Won Housing' units available through the rental purchase system from 500 to 700. This initiative allows eligible residents to pay a token rent of 1,000 won per day (approximately 30,000 won per month) for selected rental homes. The process involves the city’s Urban Corporation securing rental agreements on behalf of residents, although participants must cover 20% of the deposit themselves. The breakdown of the available units includes 200 aimed at newlyweds and newborn families and 500 in a non-apartment rental type called 'Dundun Housing'.
Eligible applicants must be members of households without their own housing, specifically newlyweds married for seven years or less, couples preparing for marriage, or families with newborns. Financial thresholds dictate eligibility, where household income must not exceed 130% of the average monthly wage for urban laborers from the previous year, or 200% when considering both spouses’ incomes. Asset criteria must also adhere to standards for public rental homes that require a six-year leasing commitment, while the non-apartment rental type has no income or asset constraints. The application period is set to run from November 16 to 20 at Incheon City Hall.
Despite the increase in rental purchase types, the supply of rental purchase housing has decreased from 500 units last year to 300 this year due to insufficient availability. There is a noted preference for rental housing over purchase types, as evidenced by last year’s application competition rates which saw a 7.4-to-1 ratio for rental housing compared to a 3.8-to-1 ratio for purchase types. Future announcements regarding rental purchase housing candidates are expected in May.
