Ahead of the spring moving season, the previous month's monthly rental contract price for an apartment was the highest ever.



These records are growing concerns that the price of jeonse and monthly rentals may rise sharply in line with the flow of goods released from the upper limit of 5% in the market at the end of the four-year lease period in accordance with the 3rd Lease Act from August.



According to the real transaction price disclosure system of the Ministry of Land, Infrastructure and Transport, The Penthouse Cheongdam-dong, Gangnam-gu, Seoul signed a lease agreement on the 21st of last month for a deposit of 400 million won and a monthly rent of 40 million won.



The monthly rent of 40 million won is the highest ever.



On July 30 last year, Seongsu-dong 1-ga, Seongdong-gu, Seoul recorded 264.546㎡ for exclusive use of the Acro Forest, which is 13 million won higher than the previous highest monthly rent of 27 million won.



This is 16 times higher than the average price of 2.5 million won in Gangnam-gu, the highest monthly rent for an apartment by each local government in the country.



According to real estate agency statistics, the average monthly rent for apartments in Seoul has slowed this year, but it has risen for eight consecutive months from July last year to February this year, exceeding 1.25 million won.



The apartment rental market is also unstable.



The price of apartment Jeonse in Seoul, which had been on the rise from July 2019 to January of this year, turned downward in February, the first in two years and seven months, but as commercial banks recently resumed lending to Jeonse funds, urgent sales have been exhausted and the extent of the decline is narrowing.



On the 5th of last month, a 271.2 m² exclusive space for Galleria Foret, Seongsu-dong 1-ga, Seongdong-gu, signed a lease agreement for 7.5 billion won, setting a new record for the price of the rental price.



That's 400 million won higher than the previous high.



From August, with the arrival of two years from the enforcement of the new lease law, the price of jeon and monthly rentals is inevitably subjected to great upward pressure once again.



When tenants sign a new contract, they have to pay for the soaring Jeonse price by hundreds of millions of won, and the soaring Jeonse price is highly likely to shake the sales market again as housing gap investment flourishes.



(Photo = Yonhap News)