Seoul Studio Monthly Rent Fell by 20,000 Won, But "Yongsan Is 1.16 Million Won"

[Financial News] Last month, the average jeonse deposit for studio units in Seoul rose 1.3% from the previous month to 222.28 million won. Average monthly rent fell by 20,000 won, but significant differences were found among the city's districts.
According to Dabang's 'August Dabang Yeojido,' an analysis based on actual transaction prices reported by the Ministry of Land, Infrastructure and Transport (MOLIT), the average jeonse deposit for studio units in row houses and multi-family homes in Seoul with an exclusive-use area of 33 square meters or less was 222.28 million won, while average monthly rent stood at 670,000 won on August 29. Compared with the previous month, the average jeonse deposit rose by 2.93 million won, or 1.3%, while average monthly rent fell by 20,000 won, or 2.4%.
Seocho District had the highest average jeonse deposit at 286.32 million won, equivalent to 129% of the Seoul average. It was followed by Gangnam-gu at 120%, Jung-gu at 119%, Gwangjin District at 107%, Yongsan District at 106%, Songpa District at 105%, Seongdong District and Yeongdeungpo District at 103%, and Mapo District at 100%.
Average monthly rent was highest in Yongsan District at 1.16 million won and lowest in Dobong District at 350,000 won. Yongsan's figure was equivalent to 173% of the Seoul average and rose 32.5% from 870,000 won the previous month. The increase is believed to have been influenced by transactions involving some expensive newly built studio units.
They were followed by Gangnam-gu at 131%, Seongdong District at 118%, Seocho District at 114%, Gangseo District at 111%, Jungnang-gu at 109%, Mapo District at 106%, Gwangjin District and Seongbuk District at 105%, Yeongdeungpo District at 104%, and Dongdaemun District at 101%.
Seongbuk District recorded the largest month-on-month increase in monthly rent. Its average monthly rent in August was 700,000 won, up 35.1% from the previous month. This was analyzed as a base effect resulting from the temporary plunge in July's average monthly rent to 520,000 won from 650,000 won in June.
[email protected] Kim Hee-sun Reporter