44% of Seoul apartment rentals now charge over 1 million won a month [Soaring Rents in the Seoul Capital Area]

As the apartment lease market rapidly shifts toward monthly rent, data show that about 44% of monthly rent transactions in Seoul now exceed 1 million won per month. The rental market is changing quickly, with 18 out of Seoul’s 25 districts recording an average monthly rent above 1 million won.
On the 8th, The Financial News asked Real Estate R114 to analyze apartment leases with monthly rent of 1 million won or more. The study found that, as of January this year, such high-rent contracts accounted for 44.3% of all monthly rent transactions in Seoul. Out of a total of 10,502 monthly rent deals, 4,657 involved rents of at least 1 million won per month, nearly half of the total. This is the highest level on record.
The share of monthly rent contracts priced at 1 million won or more was 38.8% in 2023 and 39.3% in 2024. It surpassed the 40% mark for the first time last year, reaching 42.0%, and then climbed further to 44.3% in January this year, based on completed transactions.
The number of areas where the average monthly rent exceeds 1 million won is also increasing. According to Korea Real Estate Board (KREB) statistics, as of January this year, 18 out of Seoul’s 25 districts—72%—had an average monthly rent above 1 million won. Over the past year, the citywide average monthly rent jumped 12%, from 1,343,000 won to 1,504,000 won. By district, Yongsan District in central Seoul recorded the highest average at 2,681,000 won, while five areas, including Gangnam, Seocho District, Seongdong District, and Songpa District, all posted average monthly rents above 2 million won.
Experts explain that as the market shifts rapidly toward monthly rent, the pace of price increases is also accelerating. Both landlords and tenants are increasingly favoring monthly rent, partly by choice and partly out of necessity. In particular, monthly rents in high-end residential areas are rising steeply.
Nam Hyuk-woo, a real estate researcher at Woori Bank, said, "Monthly rent and jeonse are substitutes, and in a situation where jeonse supply is tight, landlords are raising monthly rents in line with higher jeonse prices, which is driving a surge in high monthly rents." Another expert noted, "The rate of increase in apartment monthly rents is now outpacing jeonse," and advised, "We need to closely examine the structural changes in the rental market to minimize the growing burden of housing costs."
ljb@fnnews.com Lee Jong-bae, Choi Ah-young Reporter