The South Korean government plans to provide public rental housing to youths and newlyweds at 70 to 85 percent of the market price.
The Ministry of Land, Infrastructure and Transport will preannounce a revised bill for legislation on rental housing, it said Wednesday. The revised bill seeks to offer discounts on first-time rent fees of public housing, setting rents at 95 percent of the market price for regular tenants and less than 85 percent for tenants who are youths and newlyweds.
(Seoul Metropolitan Government)
Currently, rental business operators are able to decide first-time rent fees for public housing, which are often higher than the market rate.
The revised bill also includes giving priority to those who do not own housing when it comes to leasing public rental housing. The bill is set to be evaluated by relevant bodies and enforced in July.