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Renters now guaranteed two-year extension; rent increases capped at 5% Updated: 2020-07-30 17:18:54 KST

From now on, a tenant will have a one-time right to extend their lease by two years before their current contract ends.
Two related rules were revised to that effect on Thursday at the National Assembly.
The rule will also apply to contracts signed before the revision was passed.
If a tenant wishes to extend their lease, they have to notify their landlord at least one month before the contract ends.
Landlords can only refuse such a request if they, their parents or their children intend to move in when the lease is up.
The rule will not apply if the landlord has already signed a lease with a new, different tenant after having notified the old one.

When renewing a lease, a landlord cannot raise the rent by more than five percent.
Local governments will have the power to lower but not raise that ceiling if they deem it necessary.
That could happen in Seoul and other areas where real estate markets are overheated and where rents tend to rise more sharply than other regions.

The ruling party plans to finalize and pass a third bill next week on home leases, which will set up a lease reporting system.
That would require landlords and tenants, starting next June, to report to their local government within 30 days of signing a contract.
Yoon Jung-min, Arirang News.
KOGL : Korea Open Government License
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