(MENAFN) South Korea has been working hard recently and making serious efforts to help stabilize the availability of residences, thus the nation's president has vowed to deliver more than 60,000 apartments for rent by 2017.
The country is looking at a revamped paradigm of its housing culture driven by these recent efforts, and in further detail; tenants will be able to stay up to eight years and annual rent hikes are capped at a maximum of five percent.
Meanwhile, it is becoming obvious that more and more people are paying monthly rent for their housings in recent years, a departure from South Korea's decades-old unique home rental system known as jeonse.
Under the jeonse system, renters pay a lump-sum deposit to the landlord which is then returned at the end of the rental agreement, which usually lasts two years, plus the occupants do not pay monthly rent during the lease period.
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