Seoul tenants are increasingly renewing apartment leases rather than moving as both jeonse and monthly rental listings decline. Renewals accounted for 50.8% of jeonse contracts signed from January through August this year, up from 41.1% a year earlier and 27.2% in 2023. Total jeonse transactions fell 25.7%, driven by a 38% drop in new contracts. Monthly-rent renewals also rose to 39.7% of contracts, while listings of both types fell by more than 15% over the past year. Stricter owner-occupancy rules, measures affecting multiple-home owners and registered rental operators, declining apartment completions and tighter jeonse lending are limiting supply. Seoul’s median jeonse deposit reached 560 million won ($400,000) in August, matching its January 2022 record. Experts are calling for more rental supply and possible regulatory relief, including preserving registered rental housing and easing land-transaction permit rules.