Seoul one-room average monthly rent hits 710,000 won in September, up 5.2%
In short
Property platform Dabang said the average monthly rent for one-room flats in Seoul was 710,000 won in September, up 5.2% (35,000 won) from August. The average jeonse deposit fell 1.1% to 219.91 million won. Gangnam District was highest on both measures.
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The average monthly rent for one-room flats in Seoul was 710,000 won in September, 5.2% higher than in August, Yonhap reported. Property information platform Dabang announced the figure on the 22nd. The rise was 35,000 won, and the figure is based on a 10 million won deposit. [ 1 , 2 , 3 ]
The average jeonse deposit for Seoul one-room flats was 219.91 million won in September, down 2.37 million won (1.1%) from the previous month, according to Dabang. The data covers row-house and multi-household one-room flats of 33 square metres or less, in Seoul's 25 districts. [ 1 , 2 , 3 ]
Gangnam District had the highest average monthly rent, at 138% of the Seoul average. Korea Economic Daily and Chosun Ilbo said it was 970,000 won, up 10.8% from August. Next were Yongsan (126%), Gwanak (123%), Seongdong (117%), Gwangjin (112%), Seocho (109%), Mapo and Jung (108% each), Gangseo and Geumcheon (106% each) and Dongjak (102%). Yonhap said these 11 districts were above the Seoul average. [ 1 , 2 , 3 ]
Gangnam also had the highest average jeonse deposit, at 131% of the Seoul average. Korea Economic Daily and Chosun Ilbo said it was 287.08 million won, up 7.6% from the previous month. Seocho (123%), Gwangjin (109%), Mapo (108%), Yongsan (106%), Yeongdeungpo (103%) and Dongjak (100%) were also at or above the Seoul average. Both outlets noted that Seocho had the highest average jeonse deposit in August. [ 1 , 2 , 3 ]
Korea Economic Daily and Chosun Ilbo reported that Gwanak's average monthly rent rose 30.0% from August, which they said was interpreted as the effect of some newly built one-room transactions. Yongsan's average monthly rent fell 23.1%, which they said was analysed as an adjustment in September after some newly built one-room transactions had raised August's average. [ 2 , 3 ]
On method, the outlets said average monthly rent counts transactions with a deposit under 100 million won, while the average jeonse deposit counts all jeonse transactions. Korea Economic Daily and Chosun Ilbo said Dabang's September map covers one-room flats traded in Seoul in September and uses a deposit of 10 million won with the rent-deposit conversion rate applied. Chosun Ilbo said the map is drawn from Ministry of Land, Infrastructure and Transport actual transaction prices, with the Seoul average set at 100%. [ 1 , 2 , 3 ]
Why it matters
The figures show how one-room rents and deposits in Seoul's districts compare with the city average, as published in Dabang's monthly map. The outlets describe one month of data and tie the largest district swings to a few newly built one-room transactions.
Key facts
- The average monthly rent for Seoul row-house and multi-household one-room flats of 33 square metres or less was 710,000 won in September, up 5.2% (35,000 won) from August, on a 10 million won deposit basis. [ 1 , 2 , 3 ]
- The average jeonse deposit was 219.91 million won, down 2.37 million won (1.1%) from August. [ 1 , 2 , 3 ]
- Gangnam District had the highest average monthly rent, at 138% of the Seoul average. [ 1 , 2 , 3 ]
- Eleven districts had average monthly rent above the Seoul average. [ 1 ]
- Gangnam also had the highest average jeonse deposit, at 131% of the Seoul average. [ 1 , 2 , 3 ]
- Dabang announced the figures on the 22nd. [ 1 , 2 , 3 ]
Confirmed by several sources
- Dabang reported that Seoul's average one-room monthly rent in September was 710,000 won, up 5.2% (35,000 won) from August. [ 1 , 2 , 3 ]
- Dabang reported that the average jeonse deposit was 219.91 million won, down 2.37 million won (1.1%) from August. [ 1 , 2 , 3 ]
- Gangnam District had the highest average monthly rent (138% of the Seoul average) and the highest average jeonse deposit (131% of the Seoul average). [ 1 , 2 , 3 ]
Still unclear
- Why Gwanak's average monthly rent rose 30.0% and Yongsan's fell 23.1%. Korea Economic Daily and Chosun Ilbo say the Gwanak rise is interpreted as the effect of some newly built one-room transactions and the Yongsan fall as an adjustment after such transactions raised August's average; Yonhap does not give these figures or explanations.