Incheon Opens Applications for 700 '$1-a-Day' Rental Homes

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By Ahn Jae-kyun
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Incheon City recruiting 700 units of '1,000 won housing'... daily rent of 1,000 won - Seoul Economic Daily Society News from South Korea
Incheon City recruiting 700 units of '1,000 won housing'... daily rent of 1,000 won

Incheon Metropolitan City announced on the 27th that it is recruiting preliminary tenants for its "Thousand-Won Housing" (jeonse rental housing) program, part of the "I-Plus Dream Home" initiative. The city is offering a total of 700 units: 200 for the Newlywed/Newborn II category and 500 for the jeonse-type Deundeun Housing category (non-apartment type).

Under the Thousand-Won Housing program, eligible applicants select a jeonse property within the support limit, and Incheon Urban Development Corporation signs the lease contract with the landlord. Tenants pay only 1,000 won per day (30,000 won per month) in rent.

Applicants must be members of homeless households as of the announcement date. Eligible groups include newlyweds married within seven years, prospective newlyweds, and households with newborns, with different qualification requirements for each category. Duplicate applications are not permitted.

For the Newlywed/Newborn II category, applicants must have household income at or below 130% of the previous year's average monthly income for urban workers (200% or below when including spouse's income). Total assets must meet the criteria for public rental housing with a six-year mandatory rental period before conversion to sale. Priority ranking is as follows: first priority goes to newborn households and eligible single-parent families; second priority to newlyweds or prospective newlyweds with minor children, and single-parent families with children aged six or under; third priority to newlyweds or prospective newlyweds without minor children. When applicants compete within the same priority tier, selection is based on total evaluation scores.

The jeonse-type Deundeun Housing category (non-apartment type) has no income or asset requirements. First priority goes to newborn households and multi-child families with two or more minor children; second priority to newlyweds and prospective newlyweds. When applicants compete within the same tier, final rankings are determined by random lottery.

Additional preliminary tenants will be selected within 100% of the supply for each category.

Applications will be accepted in person at Incheon City Hall's central hall from March 16 to 20. Details are available on the websites of Incheon Metropolitan City, Incheon Urban Development Corporation, and the Incheon Housing Portal.

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AI-translated from Korean. Quotes from foreign sources are based on Korean-language reports and may not reflect exact original wording.