“₩1.66 million automatically debited just for breathing”... Monthly rent’s share of Seoul apartment leases tops 50% for the first time

[Financial News] This year, monthly rentals accounted for more than 50% of Seoul apartment lease transactions from January through September for the first time. If the current trend continues, the share is expected to exceed half for the year as well.

An analysis of apartment transaction data from the Seoul Real Estate Information Plaza on the 20th found that monthly-rental transactions in Seoul totaled 87,740 from January through September this year, accounting for 51.0% of all monthly-rental and jeonse transactions (170,227). Jeonse transactions totaled 84,287 over the same period, 3,453 fewer than monthly-rental transactions.
During the same period last year, there were 90,310 monthly-rental transactions and 116,272 jeonse transactions, putting the monthly-rental share at 43.7%. The share rose by 7.3 percentage points in a year. The number of districts where monthly-rental transactions outnumbered jeonse transactions also increased from four to 13 over the year.
The monthly-rental share exceeded half not because monthly-rental transactions increased, but because jeonse transactions fell sharply. From January through September this year, monthly-rental transactions declined 2.8% year on year, while jeonse transactions fell by as much as 27.5%—roughly 10 times the decline in monthly rentals.
In no year from 2011, when the Seoul Real Estate Information Plaza began compiling statistics, through 2025 did monthly rentals account for more than 50% of transactions on an annual basis. The previous record was set last year, when the annual share reached 44.5%. If the trend continues, however, this year is expected to be the first in which monthly rentals account for a larger share of transactions than jeonse leases.
Areas where monthly-rental transactions outnumber jeonse leases are spreading across Seoul. During the same period last year, monthly rentals exceeded jeonse in only four districts—Geumcheon, Jongno, Jung and Guro. This year, nine more districts—Gangnam, Gangbuk, Gwanak, Gwangjin, Dongdaemun District, Mapo, Yeongdeungpo District, Yongsan and Jungnang—joined them, bringing the total to 13.
By district, Jongno had the highest monthly-rental share, at 65.6%. It was followed by Jungnang (64.9%), Guro (63.1%), Jung (59.6%), Geumcheon (58.7%), Yongsan (56.9%), Dongdaemun District (56.7%), Gwanak (56.1%), Mapo (54.1%), Gangnam (54.0%), Gangbuk (53.0%), Gwangjin (52.6%) and Yeongdeungpo District (50.2%).
Jungnang saw the largest increase among Seoul’s 25 districts: its monthly-rental share climbed 20.3 percentage points, from 44.6% during the same period last year to 64.9% this year. Monthly-rental transactions also rose 91.6%, from 2,166 in January–September last year to 4,151 this year, while jeonse transactions fell 16.5%, from 2,687 to 2,244.
In Gangnam, monthly-rental transactions also outnumbered jeonse transactions, at 8,406 versus 7,170, lifting the monthly-rental share from 48.6% last year to 54.0% this year. By contrast, Yangcheon had the lowest monthly-rental share among Seoul’s 25 districts, at 42.1%. Jeonse transactions also outnumbered monthly-rental transactions in Seongbuk and Dobong (44.7% each), Gangseo District (45.6%) and Dongjak (46.0%).

With the share of monthly-rental transactions rising, the continued increase in rent levels is also adding to the burden on ordinary households. According to the Korea Real Estate Board’s National Housing Price Trend Survey, the average monthly rent for Seoul apartments was 1,661,000 won this past September, 218,000 won higher than in the same month last year (1,443,000 won). The median monthly rent also rose over the same period, from 1.2 million won to 1.4 million won.
However, the apartment transaction figures from the Seoul Real Estate Information Plaza are for reference only. They are compiled from real estate transaction reports based on contract dates and may be revised later depending on reporting and contract cancellations.
[email protected] Kim Hee-seon Reporter