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A distinctive housing rental system: Korea's Jeonse.

Jeonse is a unique housing rental system in which the landlord leases their property in exchange for a large deposit from the tenant. When the lease ends, the tenant receives their deposit back, and the landlord takes back the property. For those unfamiliar with the jeonse system, it may seem like an unfair system for landlords.



For landlords, jeonse was a way to maximize investment returns. With Korea's urbanization rate growing from 20% in the 1950s to 90% by the 2010s, housing prices rose steadily due to concentrated demand. Investors purchasing property often favored jeonse over monthly rentals because the financial industry was relatively underdeveloped then. For landlords, jeonse became a strategic way to leverage their investments.

 

The rise of apartments as a new housing model also contributed to the expansion of the jeonse system. Unlike traditional single-family homes, apartments in Korea were mass-produced with standardized designs, making them more attractive. Their uniform size and layout offered far greater cash liquidity compared to older housing types.

 

After the 2010s, monthly rentals have been steadily replacing jeonse arrangements. This shift is largely due to the advancements in the financial sector and a slowdown in housing price growth.


An article written in the past : https://blog.naver.com/dedefghi/221286443827

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