Recently, the surge in single- and two-person households and the increased residential mobility of the youth generation have become major causes of deepening housing instability in the domestic housing market. In particular, small-scale non-apartment ...
Recently, the surge in single- and two-person households and the increased residential mobility of the youth generation have become major causes of deepening housing instability in the domestic housing market. In particular, small-scale non-apartment housing (such as multi-family houses, row houses, and officetels) has emerged as a primary residential alternative for the youth due to the shortage of apartment supply. However, this market is structurally vulnerable to information asymmetry and financial risks, such as the “Jeonse” fraud crisis.
The year 2023, the analysis period of this study, was a time when Jeonse fraud issues reached their peak. As tenants' anxiety regarding non-apartment housing became extremely high, there was a shift in the trend toward converting Jeonse contracts to monthly rent to avoid risk. This environment increased the Jeonse-to-monthly rent conversion rate, an indicator of rental risk, and acted as a disadvantageous rental condition for young people.