Seoul’s average apartment jeonse (lump-sum rental deposit) reached 711.78 million won, about $510,000, last month after first exceeding 700 million won in July. A shrinking supply of listings and declining new-apartment completions are pushing tenants toward no-look contracts, in which they move quickly to secure homes. Record sales above 2 billion won for 84-square-meter apartments have spread to 21 districts across the Seoul metropolitan area, five more than last year, including Seongbuk-gu, Dongdaemun-gu, Hwaseong Dongtan, Suwon Yeongtong and Seongnam Sujeong-gu. Seoul’s average monthly rent also reached a record 1.62 million won in July, with monthly rentals accounting for 69.7% of rental transactions from January through July. Separately, next year’s approved South Korean government budget includes a one-time marriage subsidy totaling 1 million won per couple, with payments expected to begin in the second half of next year after National Assembly review.