- 1,906 applications for 500 units, recording a 3.81 to 1 competition ratio -

- Final tenant selection to be announced on July 31 after income and asset screening; move-ins to begin in August -

- Mayor Yoo Jeong-bok: “We will build a city where no one worries about housing, and our effective housing initiatives will continue” -

Incheon Metropolitan City (Mayor Yoo Jeong-bok) announced on May 16 that the recruitment of prospective tenants for the ₩1,000 Housing Program’s housing lease units, which began on May 12, has concluded with outstanding results.

The ₩1,000 Housing Program is Incheon’s unique housing policy that offers newlyweds and others a stable living environment at an affordable rent of KRW 1,000 per day and KRW 30,000 per month. Since its announcement, the program has drawn attention as a practical solution to alleviate housing cost burdens. Earlier in March, Incheon successfully completed recruitment for the ₩1,000 Housing Program’s purchase rental units.

Applications for the program’s lease units began modestly, with 170 applicants on the first day, but steadily increased, reaching 616 on the final day. In total, 1,906 households applied for 500 available units, resulting in a competitive ratio of 3.81 to 1.

An Incheon city official explained, “The initial low number of applications was due to a pre-interview survey conducted to reduce applicant inconveniences, which spread out submissions over several days. Because housing leases require upfront funds such as deposits, applicants tended to be genuine users with relatively higher incomes, resulting in a slightly smaller applicant pool compared to purchase rentals.”

Following this preliminary recruitment, Incheon will conduct income and asset verifications and announce the final list of tenants after July 31 via the Incheon Housing & City Development Corporation’s website. 

Selected tenants will locate private housing units (with a floor area of 85 square meters or less) and apply through the Incheon Urban Corporation. Subsequently, the tenant, landlord, and the Incheon Housing & City Development Corporation will jointly sign a lease agreement. Move-ins are expected to begin as early as August. Tenants must complete the lease agreement and move in within the year to retain their tenancy rights. 

Mayor Yoo Jeong-bok expressed his gratitude, saying, “We sincerely thank all citizens who showed strong interest in the program. This recruitment process reaffirmed the importance of housing policies that meet the genuine needs of users such as newlyweds.” He added, “We will continue to promote effective, Incheon-style housing policies to ensure that everyone can live free from housing concerns.”