Seoul studio jeonse deposits rise W2.93m in a month

The average jeonse deposit for studio apartments in Seoul's row-house and multi-family buildings rose 2.93 million won ($2,150) from the previous month in August, while average monthly rent stood at 670,000 won, with Yongsan-gu recording the highest figure among all districts.

According to the "August Dabang Yeojido" report released Tuesday by real estate information platform Dabang, the average jeonse deposit for Seoul studios with an exclusive use area of 33 square meters or less reached 222.28 million won in August — up 2.93 million won, or 1.3 percent, from July. Average monthly rent slipped 20,000 won, or 2.4 percent.

The Dabang Yeojido report is compiled using actual transaction price data from the Ministry of Land, Infrastructure and Transport, comparing average monthly rent and average jeonse deposits by district against the Seoul-wide average. Districts scoring above 100 percent of the Seoul average have above-average studio market prices.

By district, Seocho-gu posted the highest average jeonse deposit at 286.32 million won, equivalent to 129 percent of the Seoul average. Gangnam-gu followed at 120 percent, then Jung-gu at 119 percent, Gwangjin-gu at 107 percent, Yongsan-gu at 106 percent, Songpa-gu at 105 percent, Seongdong-gu and Yeongdeungpo-gu at 103 percent, and Mapo-gu at 100 percent.

The Seoul average monthly rent came to 670,000 won, with Yongsan-gu leading all districts at 1.16 million won — 173 percent of the city average. That marked a 33 percent increase, or 290,000 won, from the previous month's 870,000 won. Transactions involving high-priced newly built studios pulled up Yongsan-gu's overall average.

Other districts with above-average monthly rents included Gangnam-gu at 131 percent, Seongdong-gu at 118 percent, Seocho-gu at 114 percent, Gangseo-gu at 111 percent, Jungnang-gu at 109 percent, Mapo-gu at 106 percent, Gwangjin-gu and Seongbuk-gu at 105 percent, Yeongdeungpo-gu at 104 percent, and Dongdaemun-gu at 101 percent.

The August report covers studio units of 33 square meters or less in row-house and multi-family buildings transacted in Seoul during August. Average monthly rent figures are based on a standard deposit of 10 million won after applying the jeonse-to-monthly-rent conversion rate, and cover transactions with monthly rent deposits below 100 million won. Average jeonse deposits are calculated from all jeonse transactions.

Meanwhile, as a shortage of jeonse listings accelerates the shift toward monthly rent arrangements, studio rents near major university campuses are rising even more sharply. In July, the combined monthly rent and maintenance fee for studios near 10 major Seoul universities averaged 709,000 won based on a 10 million won deposit, up 8.0 percent from 656,000 won in the same month last year.