Apartment buildings stand near Ewha Womans University in Seodaemun District, Seoul, Jan. 27. Korea Times photo by Chun Yae-hyun
With the spring semester just weeks away, university students in Seoul are facing a severe housing crunch as monthly rents skyrocket, compounding the financial strain of rising tuition and inflation.
Yoo, a 20-year-old sophomore at Yonsei University from South Jeolla Province, recently found out they didn't get a space through the school’s dormitory lottery. They are now scrambling to find off-campus housing before classes begin in March.
"No matter how much I scrimp, my fixed monthly costs for food, books and transport are already around 700,000 won ($480)," Yoo said. "Adding rent on top of that will double my living expenses. I’m really worried."
Yoo’s search for a room near the Sinchon campus has been futile. Most affordable units were snapped up, and remaining studios cost over 700,000 won per month, excluding maintenance fees. The sophomore considered moving to the Sillim Station area — a district known for cheaper housing — but the 40-minute commute is a major deterrent.
The atmosphere on campuses across Seoul is grim. Students describe a "triple whammy" of financial pressure driven by tuition hikes at major private universities, soaring prices for daily goods due to inflation and record-high rents.
A chart, translated and adjusted by artificial intelligence, shows an estimated monthly budget for a university student living off-campus in Seoul, totaling 1.42 million won ($972). Housing costs account for nearly half of the total expenses.
In the neighborhood surrounding Ewha Womans University in Seodaemun District, realtors say the average monthly rent for a studio now ranges between 700,000 and 900,000 won. Even units marketed as "budget-friendly" require a hefty 10 million won security deposit and monthly payments of 660,000 won.
"I lived alone in this area two years ago, and rents seem to have jumped by nearly 100,000 won since then," said Lee Ju-won, a 22-year-old Yonsei student. "The competition for dorms has also become much fiercer."
Market analysts attribute the surge to a structural shift in Korea’s real estate market. Scams involving Korea's unique lump-sum "jeonse" deposit lease system have pushed many tenants away from large deposits and toward monthly rentals.
Source: Korea Times News
