Rent and living expenses are at their peak in the vicinity of Ewha Womans University.
A recent analysis of the housing market in Seoul's 10 major university areas has revealed some interesting trends.
As of the current period, the average utility fees for studio apartments in these areas stand at 75,000 won per month. However, it's important to note that this figure does not provide a detailed breakdown of utility costs for individual universities.
Typical utility fees for studio or one-room apartments in Seoul, especially near university areas, generally include separate billing for electricity, gas, and water, plus a common area fee in some cases. Electricity fees depend on individual consumption plus a fixed common usage fee, usually around 4,000 won per month.
The exact average monthly utility cost (electricity, gas, water) for studios near universities is not explicitly given in the data, but it can be inferred to vary depending on usage and apartment size. In many Seoul studios, utility bills are modest compared to Western countries due to smaller unit size and shared billing structures.
Comparing utility fees across the 10 university areas is challenging, as there is no aggregated public data available for direct comparison. However, it's worth noting that studio apartments near Seoul universities tend to have smaller sizes (often less than 5 pyeong or ~16.5 square meters) with simple cooking/heating setups, which may contribute to lower utility fees compared to larger one-bedroom units or apartments in popular but non-university neighborhoods.
In terms of rent, the area near Seoul National University is the most affordable among the 10 major universities, with an average rent of 422,000 won. On the other hand, the neighborhood around Ewha Womans University in Seoul has the highest housing costs, with an average monthly rent of 709,000 won for studio apartments with a floor space of less than 10 pyeong, accompanied by a deposit of 10 million won.
Interestingly, despite a decrease in average rent in some areas, such as Seoul National University (a 15.4 percent decrease from 500,000 won to 423,000 won), overall housing costs remain a burden for university students and single-person households due to the increase in utility fees.
Monthly rent near Hanyang University has increased by 4.5 percent over the past year, from 550,000 won to 575,000 won. Across the 10 university areas surveyed, the average monthly rent is currently 581,000 won, a 4.5 percent decrease from 608,000 won a year earlier.
Other universities, such as Sogang University, Yonsei University, and Kyung Hee University, have average monthly rents ranging from 614,000 won to 634,000 won. The rent in the Ewha Womans University area remains the highest among these, despite a slight decrease from 101,000 won (a 36 percent increase above the average) as reported earlier.
It's essential for prospective tenants to consider these trends and factors when choosing a university area to live in, as understanding the cost of living can significantly impact one's decision and budgeting.
Investing in real-estate near Seoul's universities, particularly studio apartments, could provide decent returns, given the high demand and affordable average rent in some areas, such as Seoul National University. However, careful determination of the total housing-market costs, including utility fees, is crucial for investors to ensure profitable finance management. For instance, while studio apartments near Seoul National University offer low rent, utility costs might increase significantly, making them less attractive compared to larger, more expensive apartments in areas like Ewha Womans University that may have more balanced utility costs.
