Average monthly rent near 10 major universities in Seoul falls, but higher utility costs keep financial pressure on students

A woman walks past a real estate agency in Seoul on July 27, where listings for rental and sale properties are displayed on the building’s exterior wall. (Yonhap)
A woman walks past a real estate agency in Seoul on July 27, where listings for rental and sale properties are displayed on the building’s exterior wall. (Yonhap)

Among 10 major universities in Seoul, the area around Ewha Womans University had the highest housing costs for students, data showed Monday.

As of July, studio apartments in the area with a floor space of less than 10 pyeong, equal to 33 square meters, averaged 709,000 won in monthly rent with a deposit of 10 million won ($7,240).

This was 22.1 percent higher than the average for the 10 university areas looked at, according to data from mobile realtor app operator Dabang. In addition to the rent, tenants paid an average of 101,000 won in utility fees, which was 36 percent above average, the data showed.

The neighborhood near Kyung Hee University had the second-highest rent at 634,000 won a month on the same terms, followed by Sogang University (617,000 won) and Yonsei University (614,000 won).

The most affordable area was near Seoul National University, arguably the most prestigious of the 10 colleges surveyed, located in the southwestern tip of Seoul, with an average rent of 422,000 won.

Monthly rent near Hanyang University posted the largest annual gain, rising 4.5 percent over the past year from 550,000 won to 575,000 won.

The sharpest decline was in the Seoul National University neighborhood, where monthly rent slipped from 500,000 won to 423,000 won, a 15.4 percent drop.

Across the 10 areas surveyed, the average monthly rent stood at 581,000 won, down 4.5 percent from 608,000 won a year earlier. But average utility fees rose 3.3 percent to 75,000 won.

“While the average rent for studio apartments near major universities in Seoul has fallen, utility fees have increased. For university students and single-person households, who make up most of the residents in these areas, utility bills are a fixed expense, meaning overall housing costs remain a burden despite lower rents," a Dabang official said.


cjh@heraldcorp.com