More than 150,000 public rental homes across South Korea are now at least 30 years old, according to data obtained by a lawmaker. Public rental housing is aging rapidly, but renovation budgets have been cut and spending rates have fallen, prompting calls for urgent action to improve living conditions for vulnerable residents.
Data submitted by Korea Land & Housing Corporation (LH) to Rep. Yoo Sang-bum of the People Power Party, a member of the National Assembly's Land, Infrastructure and Transport Committee, showed that 150,233 construction-type public rental units were 30 years or older as of the end of August, the lawmaker said on the 23rd. That is 12.6 times the 11,906 units recorded in 2020. Aging homes as a share of total constructed rental stock also jumped to 15.62% in August from 1.42% in 2020.
A total of 137 complexes nationwide were at least 30 years old. Seoul had the most with 17 complexes, or 25,057 units, followed by Gyeonggi Province with 19 complexes (21,153 units), Busan with 10 complexes (16,373 units) and Daegu with nine complexes (12,480 units), concentrating the stock in the capital region and major provincial cities.
These aging complexes are exposed to safety risks including corroded drainage pipes, broken boilers, deteriorating stairways and frequent elevator breakdowns. Because residents are largely older adults, people with disabilities and other vulnerable groups, repair work through renovation is urgently needed. But LH's budget and spending record have failed to keep pace with the deterioration.
LH's budget for renovating aging public rental housing fell to 125 billion won this year from 369.9 billion won in 2022, a drop to about one-third. Of the 125 billion won allocated in this year's budget, of which 70.4 billion won was actually assigned, only 2.7 billion won was spent — an execution rate of 4% against the assigned amount.
"LH must sharply expand its budget for improving facilities directly tied to resident safety, such as drainage, heating and elevators, and urgently prepare comprehensive measures that deliver practical relocation support and better living conditions," Yoo said. An LH official said the low execution rate stemmed from the announced rebuilding of permanent rental housing in first-generation new towns, a reduction in target complexes under redevelopment plans and residents' refusal to relocate, adding that the agency has been spending the budget intensively since the second half of this year.
