The average monthly rent in the Nowon district of the South Korean capital Seoul has reached about 1 million won, reflecting a noticeable increase in monthly prices compared with other districts.
According to the latest data released by the Korea Real Estate Board (REB) on the fifth of this month, the monthly rent price index in January recorded the third-highest growth rate among Seoul’s 25 districts, with the districts of Seongdong District and Seocho District ranking first and second, respectively.
In January, the average monthly rent in Nowon District reached 931,000 won, marking an increase of 7.3% compared with the same month last year, when the average stood at 867,000 won. The average had remained around 800,000 won until August of last year before gradually rising to 902,000 won by September, continuing its upward trend for five consecutive months.
Compared with other districts in Seoul, the rent growth rate in Nowon is considered relatively high. The monthly rent price index rose by 0.78% in January compared with the previous month. This index is calculated based on rent levels set in March of last year as a reference point, which is valued at 100.
In specific apartment complexes, rental contracts exceeding 1 million won have begun to appear since February. For example, at the Sangye Jugong 1 apartment complex, a 49.94-square-meter unit was recently leased on February 21 with a deposit of 40 million won and a monthly rent of 1 million won.
This compares with a previous contract for the same unit last December, when the deposit was 35 million won, and the monthly rent was 950,000 won, indicating a noticeable increase in cost.
