Rent prices around university areas in Seoul are crucial information for students, especially as the new semester approaches. For students considering living away from home due to commuting challenges, part-time work, or job preparation, understanding these costs is essential. Recent data from Dabang provides a detailed look at average monthly rents for various university areas in Seoul, offering valuable insights as students prepare for the upcoming semester.
As of July 2024, the average rent prices in major university areas in Seoul are as follows. At Kyung Hee University, the average rent is 630,000 KRW, marking a 3.3% increase from the previous month. Sogang University’s rent is 640,000 KRW, an 8.5% increase from the previous month, with management fees also rising 20% to 60,000 KRW.
Sungkyunkwan University’s rent is 610,000 KRW, showing the highest increase among surveyed universities at 10.9%.
Chung-Ang University’s rent stands at 550,000 KRW, a 10% increase from the previous month. Seoul National University’s rent is 500,000 KRW, up 4.2% from the previous month. Hankuk University of Foreign Studies (Seoul Campus) has a rent of 650,000 KRW, up 6.6%. The lowest increase was at Hanyang University, with a rent of 550,000 KRW, a modest 1.9% increase.
Some university areas saw a decrease in rent. Korea University’s rent fell to 580,000 KRW, a 4.9% decrease from the previous month. Ewha Womans University’s rent was 740,000 KRW, the highest among the universities, but it dropped 2.6% from the previous month. Yonsei University’s rent was 630,000 KRW, a 1.6% decrease.
When comparing with the previous year, Sogang University saw the largest increase at 18.5%. Conversely, Ewha Womans University experienced the largest decrease at 7.5%. The combined rent and management fees at Sogang University total 700,000 KRW, while Ewha Womans University totals 830,000 KRW, showing a 130,000 KRW difference. Most universities saw rent increases compared to last year: Kyung Hee University by 5%, Korea University by 5.5%, and Sungkyunkwan University by 5.2%. Notably, Sungkyunkwan University’s management fees rose 50% to 60,000 KRW. Chung-Ang University’s rent increased by 7.8%, and Hankuk University of Foreign Studies (Seoul Campus) saw a 16.1% rise. Hanyang University’s rent fell by 3.5%. Seoul National University and Yonsei University saw no change in rent from the previous year.
Reasons for Rent and Management Fee Increases
The data reveals that the universities with the highest rent and management fee increases are Sogang University, Chung-Ang University, and Sungkyunkwan University. In July 2024, Sogang University’s rent increased by 8.5% from the previous month and 18.5% from the previous year, with management fees rising 20% to 60,000 KRW. Chung-Ang University saw a 10% increase in rent from the previous month and a 7.8% increase from the previous year, with management fees rising 14.3% from the previous year. Sungkyunkwan University’s rent rose 10.9% from the previous month and 5.2% from the previous year, with management fees increasing 50% from the previous year.
The primary reasons for the increase in rent and management fees are a surge in demand due to rental fraud and increased demand at the start of the semester. Experts predict that this situation will not improve quickly. Addressing the issue would require new housing developments around universities, but supply is limited due to market stagnation and development challenges in these areas.
However, universities like Ewha Womans University and Yonsei University have experienced minimal or declining rent changes. Both are located in Sinchon, Seodaemun-gu, often referred to as a typical Seoul university area, sharing some rental properties. The stable or decreasing rent in these areas is attributed to significant rent increases between 2021 and 2023, resulting in less fluctuation in 2024.
Rent prices in Seoul’s university areas continue to rise, with significant increases noted at Sogang University, Chung-Ang University, and Sungkyunkwan University. The rising rents are largely due to increased demand and rental fraud issues. Universities like Ewha Womans University and Yonsei University have shown less fluctuation or decreases in rent due to previous high rent increases. There is a need for effective policies and solutions to address the rising rent and management fees. While the current youth rental housing policies are just beginning, immediate impacts may be limited, and prices are expected to continue rising. Students should use this information to make informed decisions about their housing.
3 Line Summary for You
In July 2024, rent prices around Seoul universities have generally increased, with significant rises at Sogang University and Sungkyunkwan University. The increases are mainly due to high demand and rental fraud. Ewha Womans University and Yonsei University saw stable or decreasing rents due to past high increases.
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