According to data presented by the Korea Real Estate Agency to Representative Lee Jong-bae, People’s Strength, the demand and supply index of monthly apartment rentals in Seoul was 100.1 in August, surpassing 100 for the first time this year.
In the cheonsei ratio, if it is less than 100, it means that more owners want to rent a house than tenants who want to buy a house, and if it is above 100, it means there are more tenants than owners.
The Seoul Apartment Jeonse Demand and Supply Index is trending down to 94.2 in June, 91.3 in July and 87.7 in August.
Jeonse prices for Seoul apartments fell 0.25% in August, the biggest drop in 41 months since April 2019.
Monthly apartment rent in Seoul increased by 0.12% in August, the 38th consecutive month of increase since July 2019.
