English III

Rental Housing


Rental housing is categorized into two types, depending on how renters obtain the housing—constructed rental housing and pur- chased rental housing (Rental Housing Act, Article 2; Decree of Rental Housing Act, Article 2, Section 2). In the former case, rental houses are built, and in the latter case, they are purchased. Rental housing owners include the national government, the local govern- ments, Korea Land and Housing Corporation, rental housing busi- nesses, or rental housing associations.

Constructed rental housing units are classi ed further as govern- ment-constructed rental housing or private-constructed rental hous- ing, depending on funding sources.

There are both private and public rental housing units. For public housing, three types of government rental housing exist, depending on the length of the rental period, building space, and rent type: per- manent rent, low-income assistance rent, and long-term exclusive deposit rent. In addition, there are government-sublease rent and long-term private rent units. In the case of the former, the govern- ment leases housing units from a third party then subleases them. The long-term private sector rental units have a minimum rental