Monthly apartment rents of at least 5 million won are spreading from Seoul's affluent Gangnam area into outer districts including Guro and Nowon. A 176-square-meter unit at DCube City in Sindorim-dong, Guro District, leased this year for 5.8 million won a month with a 100 million won deposit, the district's highest monthly rent recorded this year. Across Seoul, 18 of 25 districts have recorded leases at or above 5 million won a month. Through Sept. 9, 1,610 such leases had been signed, up 19% from the same period a year earlier and more than triple the 413 recorded in 2021. Northern Seoul rents rose 6.61% in the first seven months, faster than the 4.97% increase in southern Seoul, with the northern average reaching 1.52 million won in July. As housing costs rise, tenants are staying put: renewals represented 51.3% of 14,089 reported Seoul apartment lease contracts through Aug. 11. However, negotiated renewals, which fall outside the statutory 5% rent-increase cap, are producing sharp increases. Rents rose in 74.9% of 1,107 verifiable cases, while 41 more than doubled. Analysts attribute the trend to Seoul's chronic housing shortage, which is shifting demand from jeonse (lump-sum deposit leases) toward monthly rent and raising both costs together. Some expect higher interest rates to accelerate that shift.