New rental contracts in Seoul dwindled in March by more than 20 percent on-year, but the proportion of monthly rentals reached a record 47 percent.
According to a property information website run by the Seoul Metropolitan Government, 37,049 rental contracts were signed in Seoul from March 1 to 28, roughly 1,235 a day and down 23 percent from the same period last year.
The proportion of monthly rentals reached 47 percent, the highest since 2010, when the survey was first conducted and up 6.7 percentage points on-year.
Monthly rentals are increasing rapidly in the three upscale districts south of the Han River, from 41.8 percent in March last year to 49.5 percent.
The proportion of monthly rental transactions hit an all-time high in the districts in March -- Gangnam 51.6 percent, Seocho 51.2 percent, and Songpa 46.7 percent.
Traditional jeonse or deposit-lease contracts are dwindling because interest rates are at a record low.