September apartment move-ins to hit lowest level in over 6 years amid rental market fears

The number of new apartments scheduled for move-in nationwide next month is set to fall to its lowest level this year, as the autumn moving season gets underway. The deepening supply shortage is raising concerns that jeonse and monthly rent prices could become increasingly volatile this fall.

According to a survey by Real Estate 114 released Friday, a total of 14,174 apartment units are scheduled for move-in across the country in September. That marks the lowest monthly figure so far this year and the smallest supply since April 2021 — when 13,354 units were handed over — making it the lowest in six years and five months.

Move-ins in the greater metropolitan area are expected to reach 9,514 units, up 23 percent from the same month last year (7,763 units), but down 24 percent from August (12,488 units). By region, Seoul accounts for 3,438 units and Gyeonggi Province for 5,950, while Incheon is expected to see just 126 units.

Major complexes set to open include DIH Bangbae (3,064 units) in Bangbae-dong, Seocho-gu, Seoul; Songnae Station Prugio Centevien (1,045 units) in Songnae-dong, Sosa-gu, Bucheon, Gyeonggi Province; and e-Convenient World Singok Signature View (815 units) in Singok-dong, Uijeongbu, Gyeonggi Province.

Outside the capital region, a total of 4,660 units are expected to be handed over in September, down 37 percent from the same period last year (7,357 units). The decline is largely driven by a sharp contraction in new apartment supply in major metropolitan cities including Busan, Daegu, Daejeon and Ulsan.

"As apartment move-ins drop sharply right at the start of the autumn moving season, price sensitivity in the rental market could be higher than ever," a Real Estate 114 official said. "There is a possibility that jeonse and monthly rent prices will become unstable not only in the greater Seoul area but also in regional cities."