“Honey, they say our kid’s rent went up by 30,000 won” ... Average Seoul studio rent: 710,000 won

[Financial News] The average monthly rent for studios in row houses and multi-family homes in Seoul with exclusive-use areas of 33 square meters or less was tallied at 710,000 won, up 35,000 won from the previous month.
According to the “September Dabang Yeojido” released on the 22nd by real estate information platform Dabang, the average jeonse deposit for studios in row houses and multi-family homes in Seoul with exclusive-use areas of 33 square meters or less was 219.91 million won in September, down 1.1% (2.37 million won) from the previous month. By contrast, average monthly rent rose 5.2% (35,000 won) from the previous month to 710,000 won.
By district, Gangnam-gu recorded the highest levels among Seoul’s districts for both average jeonse deposits and monthly rents. Its average jeonse deposit was 287.08 million won, or 131% of the Seoul average, while its average monthly rent was tallied at 970,000 won, or 138% of the Seoul average.
For jeonse deposits, the districts above the Seoul average, after Gangnam-gu, were Seocho District (123%), Gwangjin District (109%), Mapo-gu (108%), Yongsan District (106%), Yeongdeungpo District (103%) and Dongjak District (100%), in that order. Average monthly rents were higher than the Seoul average in Yongsan District (126%), Gwanak-gu (123%), Seongdong-gu (117%), Gwangjin District (112%), Seocho District (109%), Mapo-gu and Jung-gu (108%), Gangseo District and Geumcheon-gu (106%), and Dongjak District (102%), after Gangnam-gu.
In particular, average monthly rent in Gwanak-gu surged 30.0% from the previous month as some transactions for newly built studios were factored into the average. In Yongsan District, meanwhile, average monthly rent fell 23.1% as it was adjusted downward from an elevated level driven by new-build transactions the previous month. Districts thus showed clear differences in the direction and scale of change.
Dabang Yeojido is an index designed to let users compare at a glance the relative levels in each district, using Seoul’s average market rates as the baseline (100%). The latest survey was calculated using transaction data for studios with exclusive-use areas of 33 square meters or less that were contracted during September, based on actual transaction prices reported to the Ministry of Land, Infrastructure and Transport (MOLIT).
[email protected] Jeon Min-kyung Reporter