Seoul’s rental market is under pressure at both ends, with luxury monthly leases increasing and apartment jeonse deposits reaching a record. A nationwide Korea Real Estate Board survey put the average Seoul apartment jeonse price at 636.63 million won ($455,000) last month, up 82.68 million won, or 14.9%, from August 2024. The median rose 80 million won, or 16.7%, to 560 million won. Seoul’s increase exceeded gains in Gyeonggi Province and Incheon as newly completed housing remained scarce, the entire city was designated a land transaction permit zone, lending restrictions tightened and tax policy emphasized owner-occupancy. The average surpassed the previous record of 634.24 million won set in January 2022. Monthly-rent apartments showed a different pattern: the average deposit fell 0.3% to 195.65 million won, while the monthly payment increased 24.3% to 1.641 million won. Separately, leases charging more than 10 million won a month increased through the third week of September, while residents of Seoul’s long-term public rental housing in Gangil-dong continued seeking renewals or purchase rights before contracts begin expiring in 2027. The city has rejected those requests and said contracts will end under their original 20-year terms.