On March 6th, prospective tenants were seen submitting applications at the “1,000 Won Housing” reception center set up in the central hall of Incheon City Hall. The “1,000 Won Housing” initiative offers housing (purchase rental housing) with a daily rent of 1,000 KRW (30,000 KRW monthly) as part of Incheon’s housing policy aimed at addressing the low birth rate. It supports newlywed couples or soon-to-be newlyweds within seven years of marriage and single-parent families in the Incheon area, providing assistance for a minimum of two years and up to six years.
According to Incheon City, the preliminary tenant recruitment for the “1,000 Won Housing” recorded a competition rate of 7.3 to 1. The initiative involves leasing houses of 85㎡ or smaller (with at least two rooms) for a daily rent of 1,000 KRW (30,000 KRW monthly).
The city reported that from March 6th to 14th, 3,681 households applied for the 500 available spots. The final tenants will be announced on June 5th on the Incheon Urban Corporation’s website after reviewing the applicants’ income and assets. Households with newborns will have the highest priority, followed by newlyweds with children and those without children. If there is competition within the same priority level, final tenants will be chosen based on additional criteria. Move-ins are set to start in July.
Eligible applicants include newlyweds, soon-to-be newlyweds, and single-parent families who do not own homes. The lease period ranges from a minimum of two years to a maximum of six years.
An official from Incheon City stated that the increase in income criteria for purchasing rental housing and the rising housing burden on newlyweds have contributed to the higher competition rate in this recruitment.
Additionally, Incheon City announced that the recruitment for the “1,000 Won Housing” through the jeonse rental system would start in April. In this system, tenants choose a house on the market (85㎡ or smaller), and Incheon Urban Corporation signs a jeonse contract with the homeowner to provide support. The initial move-in target was January, but it was delayed due to pending updates to guidelines by the Ministry of Land, Infrastructure, and Transport.