Seoul university-area studio rents rise 7.7% ahead of fall semester

Studio apartments near 10 major Seoul universities averaged 625,000 won ($450) in monthly rent in July, up 7.7% from 581,000 won a year earlier, while average maintenance fees rose 10.9% to 84,000 won, pushing the typical monthly housing burden to about 710,000 won ahead of the fall semester, according to property platform Dabang. The sharpest rent increase was near Seoul National University, where average rent jumped 26.0% to 533,000 won, followed by Hankuk University of Foreign Studies, Yonsei, Chung-Ang and Hanyang, while Sungkyunkwan University was the only area to post a rent decline. Maintenance fees rose most sharply near Chung-Ang University, and Sogang University was the only district where those fees fell. The highest combined housing cost was near Ewha Womans University at 870,000 won including fees, more than 20% above the average for the surveyed districts. Dabang linked the broader rise to growing demand from single-person households in Seoul, which census data show increased 22.2% over five years, and said renters should begin their search well before demand peaks before the semester starts.

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