Rampant rental deposit fraud and high loan interest rates are driving university students to opt for paying monthly rent instead of lumpsum “jeonse” deposits for leased housing. However, with a surge in the monthly rent due to limited property availability in university areas and more demand, students are facing significant financial pressure.
As of July 2024, real estate big data from Dabang shows the average monthly rent in major university areas in Seoul has risen to 608,000 won ($458) — a 4.1 percent increase from last year. Near Ewha Womans University, rents are the highest, averaging 740,000 won per month.
The total costs for monthly rental housing including maintenance and utility bills often exceed 1 million won per month in these areas.
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