As vacant homes command premiums of tens of millions of won, a Yongin landlord changes course and asks a tenant to leave early

#. Lee Kyung-yeon, a newlywed living in Giheung-gu, Yongin, recently received a request from her landlord to move out, even though her lease still had five months left. "I suddenly have to find another home with a child who has just turned one," Lee said. "When we moved in, we were told it was a place where we could live for a long time and were even encouraged to do things like wallpapering ourselves. But the market has changed, and now we are facing this situation."
As demand for homes near workplaces rises on the back of the semiconductor boom, the southern Gyeonggi housing market is seeing a 'vacant-home premium.' In Yongin, especially near Samsung Electronics and SK hynix sites, apartments available for immediate move-in are trading for tens of millions of won more than listings occupied by tenants. That is prompting some landlords to ask tenants to leave before their lease ends.
According to the real estate industry on the 2nd, buying interest from Samsung Electronics and SK hynix employees has recently flowed into the market, extending the rise in apartment prices across southern Gyeonggi, especially in Yongin. The most notable trend is the premium on move-in-ready homes. In the large complex of more than 1,000 households where Lee lives, listings available for immediate occupancy are about 50 million won higher than homes with tenants. That is why some landlords are trying hard to push tenants out.
Market participants say the price gap reflects a combination of end-user demand and the impact of financial regulations.
Under current lending rules, it is difficult for buyers to take out a second mortgage on a home that already has a tenant. In addition, the 'jeonse eviction loan' used to secure funds for returning a tenant's deposit when they move out is capped at 100 million won. As a result, buyers who want to purchase a tenant-occupied home and live in it themselves often need to secure hundreds of millions of won in cash, which is why they prefer move-in-ready properties.
A realtor in the Yongin area said, "Most buyers want to move in themselves, so they do not prefer homes with tenants." The agent added, "For homes with tenants, landlords often either cover moving expenses to speed up the departure or lower the apartment price when listing it."
Sharp home price gains are also encouraging landlords to act. According to the Korea Real Estate Board (KREB), the cumulative rise in Yongin apartment sale price indices in the fourth week of May this year stood at 5.7 percent, more than 10 times the 0.47 percent recorded in the same period last year. By district, Suji District posted the largest increase at 8.16 percent, while Giheung-gu also rose 5.3 percent.
going@fnnews.com Choi Ga-young Reporter