LH rental housing vacancies show sharp regional disparity in South Korea

Data from the Korea Land and Housing Corporation (LH) reveals a significant regional disparity in long-term vacancies for public rental housing. Nationally, approximately 43,326 units of both construction-based and purchased rental housing have remained vacant for more than six months, representing a 3.7% vacancy rate.

There is a stark contrast between the Seoul metropolitan area and non-metropolitan regions. While Seoul's combined vacancy rate is only about 0.8%, non-metropolitan areas face a rate of 4.7%, nearly double that of the capital. Specific regions such as Chungnam and Sejong reported double-digit vacancy rates for certain housing types. In the Gwangju and Jeonnam regions, 1,620 units have remained vacant for over six months.

National Assembly member Jeong Hee-yong noted that these vacancies pose risks not only to LH's financial stability but also to the potential hollowing out of regional communities. Despite efforts by LH to relax income and asset requirements to attract tenants, contract numbers have decreased significantly. Jeong has called for more aggressive measures, including earlier relaxation of eligibility criteria and prioritizing the allocation of units to local governments, universities, small businesses, and junior military officers in provincial areas.