The number of students is high, but dormitory rooms are always scarce. Therefore, the conditions for dormitory admission are very strict as they can’t accommodate all students. There are many students who can’t get dormitories despite it taking 4 hours from home to campus and having a GPA is over 4.0. The competition rate was 1.8:1 in 2018, with about 1,700 more applicants than accommodation capacity. So, what about studios in the neighborhoods around the campus? Students are struggling with exorbitant deposit and monthly rent. Even those rooms when the start of class comes run out, and there is fierce competition despite high prices. Seongnam City, Gachon University and Korea Land & Housing Corporation LH have signed an agreement for students who need housing. This is to solve the problem of housing shortage and to reduce the monthly rent burden, providing a stable housing environment for young people. The details of the agreement are as follows:
On June 18, Seongnam Mayor Eun Soo-mi, President Lee Gil-Yeo of Gachon University, and Vice President Yoo Dae-jin of Korea Land & Housing Corporation LH gathered to sign a business agreement for the dormitory-type lease with deposit & rental business for local co-prosperity. The dormitory-type lease with deposit and rental business is a follow-up to the government's plan to support young people's housing, in which LH enters into a lease contract with a leaser and re-rents it to students.
According to the agreement, in case of living in a studio with a monthly rent of 400,000 won and a deposit of 10 million won, Seongnam City and Gachon University will provide 100,000 won respectively to the target students so that they can pay only 200,000 won for monthly rent. In addition, LH uses the Housing City Fund to lend students a deposit of 10 million won at 1 percent annual interest rate and to support home repairs in the studio where they will reside. In this case, the Housing City Fund secures and supplies funds that support the promotion of residential welfare and urban regeneration activation. The repair cost of the house will be up to 8 million won for landlords who sign long-term contracts of more than eight years. Leasers can secure tenants for more than eight years without worrying about vacancy and they are supported for repairing their old houses, and young people can live in a stable place without worrying about housing instability. So, this can be a mutually prosperous business for all members of the community.
As for choosing a studio, Seongnam City recruits participating homes or college students can find a studio that corresponds to an agreement. Gachon University recommends and selects the students to move in. To qualify Gachon University students must have an outstanding GPA and make less than 100 percent of the average monthly income per urban worker's household in the previous year. They plan to proceed with ‘moving in’ around the start of class in March, 2020.
There is a newly coined phrase, "the generation of slugs." This is a neologism that symbolizes the difficult reality in which young people live in poor living conditions, compared to ‘slug’, a snail without shell homes. This new term shows how hard young people can find a place to live in. Considering the harsh realities of young people, Seongnam City, Gachon University, and LH are providing good opportunities through 'agreement to promote a local co-prosperity business for college students’ studio at half-price.' Hopefully, students at Gachon University will find a stable and good place to live through this agreement.< Copyright © The Gachon Herald All rights reserved >