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Rental Market Restructuring in South Korea: The Decline of the Chonsei Sector and its Implications

Chonsei contracts are a specific type of rental property letting in which tenants pay very large lump sum deposits in return for a short fixed tenancy period with no monthly rent payments. This system is specific to South Korea and became dominant at the end of the twentieth century when it accounted for almost two-thirds of the rental market and almost 30 per cent of all housing. In the past decade, however, there have been marked declines in the number of chonsei tenancies along with a rise in other hybrid forms of renting. In this paper, we examine transformations in the chonsei sector that reflect a number of realignments in market and economic conditions as well as shifting household and demographic landscapes. The restructuring of the rental sector is, arguably, not only reshaping housing careers but also reinforcing social inequalities. We further explore the meaning of the ‘chonsei crisis’ as well as related policy issues, comparative concerns and socioeconomic implications.