Seongdong-gu, led by Mayor Jeongwon Oh, is continuing the ‘Rental Deposit Return Deposit Support Project’ that started in March of this year. This project, which aims to prevent rental fraud and secure a stable living environment, has already provided 28 million won to 125 tenants. This program will remain in effect until the budget runs out.
 [Korean Today] Panoramic view of Seongdong-gu Office © Reporter Seung-ju Ji |
Seongdong-gu, Seoul announced that it will continue the ‘Rental Deposit Return Guarantee Deposit Support Project’ to protect tenants from rental fraud. The project, which began in March 2024, aims to create a more stable living environment for tenants without homes by supporting the deposit return guarantee fee.
The rental deposit return guarantee guarantees that tenants can get their deposits back from their landlords even if the landlords fail to return the deposits on time. The guarantee is provided by the Housing and Urban Guarantee Corporation (HUG), Korea Housing Finance Corporation (HF), and Seoul Guarantee Insurance (SGI). These institutions act as a safety net for vulnerable tenants by reimbursing tenants when landlords fail to fulfill their deposit return agreements.
Considering the increasing number of rental fraud cases, especially among low-income households, Seongdong-gu has secured a budget of 52 million won from the central government and the city. This budget will help tenants in the area sign up for a rental deposit return guarantee, guaranteeing a fee of up to 300,000 won for tenants of all ages.
From March to July 2024, 125 tenants were supported through the project, and a total of 28 million won in subsidies were provided. Applicants are tenants without a home who live in Seongdong-gu and have a monthly rent deposit of 300 million won or less. They must meet certain income criteria and have a valid rental deposit return guarantee in place at the time of application.
Income requirements for eligibility vary depending on the tenant’s age and marital status.
Young people (19-39 years old) must have an annual income of less than 50 million won.
The income of other households must be less than 60 million won.
Newlyweds are eligible for support if their combined income is less than 75 million won.
Certain groups are excluded from the program, including tenants living in housing managed by registered rental operators, corporate tenants, and those who have already received assistance benefits.
Applications for rental deposit return guarantee support will continue until all allocated budgets are used. Tenants can apply online through the Government 24 website or visit the Seongdong-gu Office Housing Policy Division in person. For more information and required documents, please check the news section on the Seongdong-gu Office website.
Mayor Jeongwon Oh emphasized the importance of the program, saying, “I hope more residents will join the deposit refund guarantee to protect their property rights. Our goal is to ensure that Seongdong-gu residents can enjoy stable and safe housing.”
<Copyright ⓒ The Korean Today, all rights reserved.>
