Seoul's rental market flips to 70% monthly-rent contracts

Seoul's May housing market hit a record 70.5% monthly-rent share, with lease contracts down 11% YoY while monthly rentals surged 36.3%. Average monthly rent climbed to 1.234 million won, up over 1 million won in a year. March completions fell 46.4% YoY, starving the market of supply.