Low rents for Youth Safe Housing
The Youth Safe Housing program, the largest housing support program for young people, operates through two primary methods. The first is the public lease method where Seoul Housing & Communities Corporation (SH Corporation)—a public enterprise founded by the Seoul Metropolitan Government to implement urban development and housing projects—purchases housing units and rents them to young people at low prices. The second is the private lease method whereby SH Corporation signs long-term leases with private housing owners and re-rents the units to young people.
Rent levels for the Youth Safe Housing program varies depending on the lease type, with public leases costing 30%–70% of the market price and private leases at 75%–85% of market price. Rent levels are further specified within these ranges based on the income levels of the applicants.
Types of Youth Safe Housing supply. Source: Seoul Metropolitan Government.
Access to public transportation
The program strategically targets sites adjacent to subway stations and arterial roads with convenient access to public transport, such as buses and transfer stops. These areas were selected to facilitate lower commuting costs and promote more concentrated development. By focusing on areas adjacent to subway stations but remain socioeconomically and spatially underdeveloped, the project aims to foster a more balanced development across the city.
Win-win strategy with government, citizens, and implementers
Residential areas under the program may be upzoned to add more housing spaces while protecting commercial and business functions in the area. The Seoul Metropolitan Government provides benefits such as vertical upward movement (easing of building floor area ratio through upzoning) and tax incentives to induce the private sector to build rental housing. The government operates 10%–25% of completed buildings as public leases, with the remaining units provided as private leases. Various convenience and community spaces, such as book cafes, swimming pools, exhibition halls, and public day care centers are included in Youth Safety Housing homes to improve quality of life.
Spatial planning to improve quality of life and revitalize the local economy
The physical layout of the housing units under the program have been designed with the specific needs of youth in mind. For instance, the interior features a flat design with maximum use of built-in storage spaces and furnishings to minimize costs. The layout of buildings is also designed as a street-responsive commercial area, which enables stores to operate along the ground floor of the buildings, enhancing neighborhood livability and street vitality.
Financial support
Financial support is provided through low interest jeonse loans (jeonse is the country’s unique long-term deposit rental system consisting of a large lump-sum deposit without the need for monthly rent payments). Young people who meet certain criteria are also eligible to receive monthly rent subsidies. Local governments also offer indirect housing support, such as home repair and moving support services, to further reduce housing cost burdens.