Monthly rent passes 50% of Seoul apartment leases in Jan-Sept as jeonse deals fall
In short
Monthly-rent contracts made up 51.0% of Seoul apartment rental deals in January-September, the first time the share has passed 50%, according to Seoul Real Estate Information Plaza data reported on 20 October. Jeonse deals fell 27.5% from a year earlier while monthly-rent deals fell 2.8%. The average Seoul apartment monthly rent in September was 1.661 million won.
Read the full story 2 min read
The share of monthly-rent contracts in Seoul apartment rental deals passed 50% for the first time in January-September 2026, according to an analysis of Seoul Real Estate Information Plaza data reported on 20 October. Yonhap and Korea Economic Daily gave 87,740 monthly-rent deals out of 172,027 monthly-rent and jeonse deals combined, a 51.0% share. Jeonse deals numbered 84,287, or 3,453 fewer than monthly-rent deals. [ 1 , 3 ]
In the same period last year there were 90,310 monthly-rent deals and 116,272 jeonse deals, a monthly-rent share of 43.7%, so the share rose 7.3 percentage points in a year. Yonhap and Korea Economic Daily said the change came from a sharp fall in jeonse deals rather than a rise in monthly-rent deals: monthly-rent deals fell 2.8% from a year earlier, while jeonse deals fell 27.5%, about ten times as much. [ 1 , 3 ]
If the trend continues, 2026 is expected to be the first year in which the monthly-rent share passes 50% on an annual basis, Yonhap and Asia Economy said; Korea Economic Daily called that likely. No year from 2011, when the statistics began, through 2025 reached 50%, and last year's annual share of 44.5% was the highest on record. [ 1 , 2 , 3 ]
Monthly-rent deals outnumbered jeonse deals in 13 of Seoul's 25 districts in January-September, against four a year earlier: Geumcheon, Jongno, Jung and Guro. Gangnam, Gangbuk, Gwanak, Gwangjin, Dongdaemun, Mapo, Yeongdeungpo, Yongsan and Jungnang were added this year. Jongno had the highest monthly-rent share at 65.6%, followed by Jungnang at 64.9% and Guro at 63.1%. Yangcheon had the lowest at 42.1%, and Seongbuk, Dobong, Gangseo and Dongjak also had more jeonse deals than monthly-rent deals. [ 1 , 2 , 3 ]
Jungnang's monthly-rent share rose from 44.6% to 64.9%, the largest increase among the 25 districts. Its monthly-rent deals rose from 2,166 to 4,151 while jeonse deals fell from 2,687 to 2,244, Yonhap and Korea Economic Daily said. In Gangnam there were 8,406 monthly-rent deals against 7,170 jeonse deals, and the share rose from 48.6% to 54.0%. [ 1 , 3 ]
Asia Economy said last year's 10.15 measures, which created a residency requirement for buyers in some parts of the Seoul area, appeared to have reduced jeonse listings. It also cited stricter jeonse loan rules, rising interest rates and continuing jeonse deposit incidents, and said jeonse loans had fallen for 13 months since last September, citing the financial sector. [ 2 ]
Rents are also rising. Korea Real Estate Board data showed the average Seoul apartment monthly rent in September at 1.661 million won, up 218,000 won from 1.443 million won a year earlier, and the median rose from 1.2 million to 1.4 million won. Korea Economic Daily put the average increase at 15.1%. Yonhap and Korea Economic Daily noted that the Plaza's counts are reference figures that may change because of late reports or cancelled contracts. [ 1 , 2 , 3 ]
Why it matters
Korea Economic Daily said tenants face a double burden as jeonse options shrink while monthly rents rise, and Yonhap and Asia Economy also pointed to a growing burden on ordinary households. If the trend continues, 2026 would be the first year in which monthly rent exceeds half of annual deals, according to the reports.
Key facts
- In January-September, monthly-rent deals were 51.0% of Seoul apartment rental transactions (87,740 of 172,027), and jeonse deals numbered 84,287, or 3,453 fewer, according to Seoul Real Estate Information Plaza data cited by Yonhap and Korea Economic Daily. [ 1 , 3 ]
- The monthly-rent share was 43.7% in the same period last year, a rise of 7.3 percentage points. [ 1 , 2 , 3 ]
- Monthly-rent deals fell 2.8% from a year earlier while jeonse deals fell 27.5%, about ten times the monthly-rent drop. [ 1 , 3 ]
- Districts where monthly-rent deals outnumber jeonse rose from 4 to 13 of Seoul's 25 districts. [ 1 , 2 , 3 ]
- Jongno had the highest monthly-rent share at 65.6%, followed by Jungnang at 64.9% and Guro at 63.1%; Yangcheon had the lowest at 42.1%. [ 1 , 2 , 3 ]
- The average monthly rent for a Seoul apartment in September was 1.661 million won, up 218,000 won from 1.443 million won a year earlier, according to Korea Real Estate Board data; the median rose from 1.2 million to 1.4 million won. [ 1 , 2 , 3 ]
Confirmed by several sources
- The monthly-rent share of Seoul apartment rental deals passed 50% for the first time in January-September 2026, driven by a sharp fall in jeonse deals rather than a rise in monthly-rent deals. [ 1 , 2 , 3 ]
- Monthly-rent deals exceeded jeonse deals in 13 of 25 districts, up from four a year earlier (Geumcheon, Jongno, Jung and Guro); Gangnam, Gangbuk, Gwanak, Gwangjin, Dongdaemun, Mapo, Yeongdeungpo, Yongsan and Jungnang were added. [ 1 , 2 , 3 ]
- Jungnang's monthly-rent share rose from 44.6% to 64.9%, a 20.3 percentage point increase, the largest among the 25 districts. [ 1 , 2 , 3 ]
- The 2025 annual monthly-rent share of 44.5% was the highest on record, and no year since 2011 has had a share above 50%. [ 1 , 2 , 3 ]
- Seoul apartment average monthly rent was 1.661 million won in September, up 218,000 won from a year earlier, and the median rose from 1.2 million to 1.4 million won. [ 1 , 2 , 3 ]
Still unclear
- Whether the annual monthly-rent share will pass 50% in 2026 Yonhap and Asia Economy say it is expected if the current trend continues; Korea Economic Daily says it is likely. It depends on the rest of the year.
- Exact transaction counts Asia Economy gives 87,870 monthly-rent deals, 172,227 total and 90,312 a year earlier, while Yonhap and Korea Economic Daily give 87,740, 172,027 and 90,310. The data is provisional.
- Reasons for the shift Only Asia Economy lists causes (the 10.15 measures, jeonse loan rules, interest rates, jeonse deposit incidents); the other two documents describe the fall in jeonse deals without giving causes.
- Final transaction figures Yonhap and Korea Economic Daily say the Seoul Real Estate Information Plaza counts are reference figures based on contract dates and may change with late reports or cancelled contracts.