The number of public rental homes in South Korea that are more than 30 years old has topped 150,000 units, raising concerns that housing conditions for vulnerable residents need urgent attention as the stock ages faster than renovation budgets can keep up.
Data submitted by the 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 as of the end of August, 150,233 government-built public rental units (as opposed to purchased rental units) were at least 30 years old. That is 12.6 times the 11,906 units recorded in 2020. Aging homes as a share of the total government-built rental stock also jumped to 15.62 percent in August from 1.42 percent in 2020.
A total of 137 complexes nationwide were found to be more than 30 years old. Seoul had the most units with 17 complexes and 25,057 homes, followed by Gyeonggi Province with 19 complexes and 21,153 homes, Busan with 10 complexes and 16,373 homes, and Daegu with nine complexes and 12,480 homes. The complexes are concentrated in the greater Seoul area and in large provincial cities.
Aging public rental complexes also face safety risks, including corroded drainage pipes, broken boilers, worn stairways and frequent elevator breakdowns. Because the residents are mostly older adults, people with disabilities and other vulnerable groups, repairs through renovation are urgent, but LH's budget and spending record have not kept pace with the aging of the buildings.
LH's budget for renovating aging public rental housing stood at 369.9 billion won in 2022 but fell to 125 billion won this year, a drop to about one-third. Of the 125 billion won budgeted for this year, only 70.4 billion won had been released for spending, and of that, just 2.7 billion won had actually been spent — an execution rate of 4 percent.
Yoo urged LH to "sharply expand the budget for improving facilities directly tied to residents' safety, such as drainage, heating and elevators, and urgently prepare a comprehensive plan that will deliver practical relocation support and better housing conditions." An LH official said the low execution rate stemmed from factors including the announced reconstruction of permanent rental housing in the first-generation new towns, a reduction in the number of target complexes under redevelopment plans, and residents' refusal to relocate, adding that the agency has been concentrating spending since the second half of this year.
