IDEAS home Printed from https://ideas.repec.org/a/taf/chosxx/v30y2015i3p413-432.html
   My bibliography  Save this article

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

Author

Listed:
  • Richard Ronald
  • Meeyoun Jin

Abstract

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.

Suggested Citation

  • Richard Ronald & Meeyoun Jin, 2015. "Rental Market Restructuring in South Korea: The Decline of the Chonsei Sector and its Implications," Housing Studies, Taylor & Francis Journals, vol. 30(3), pages 413-432, June.
    • Handle: RePEc:taf:chosxx:v:30:y:2015:i:3:p:413-432
    DOI: 10.1080/02673037.2014.970142
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/02673037.2014.970142
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/02673037.2014.970142?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Juhwa Baek & Seiyong Kim, 2022. "Effect of Characteristics of Shared Housing in Single-Person Households on Housing Satisfaction and Shared Housing Performance," Sustainability, MDPI, vol. 14(22), pages 1-21, November.
    2. Ahn, Seryoong & Ryu, Doojin, 2024. "Optimal chonsei to monthly rent conversion choice given borrowing constraints," The Quarterly Review of Economics and Finance, Elsevier, vol. 93(C), pages 28-42.
    3. Kim, Kyung-Hwan & You, Seung Dong, 2021. "The Global Financial Crisis and transition out of homeownership in Korea," Journal of Housing Economics, Elsevier, vol. 54(C).
    4. Jihwan Kim, 2018. "Dissonance between formal and informal housing capital: The case of Korea," Environment and Planning A, , vol. 50(6), pages 1171-1188, September.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:chosxx:v:30:y:2015:i:3:p:413-432. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/chos20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.