Starting in April, private rental housing operators will be required to report management fees and usage charges along with rental contracts. Information regarding rental deposit guarantee memberships will also be accessible through the rental housing information system (RentHome), and penalties for minor reporting violations will be eased.
The Ministry of Land, Infrastructure and Transport announced on the 20th that a partial amendment to the enforcement decree of the Special Act on Private Rental Housing was approved during a Cabinet meeting.
This amendment aims to enhance transparency in the imposition of management fees and usage charges and to strengthen the management of rental housing.
Specifically, the reporting requirements for rental contracts will now include management fees and usage charges. Previously, operators were only required to report the rental period, rental amount, loan amount (for purchased rentals), and tenant status (for quasi-housing). Going forward, they must also submit information related to management fees.
The scope of disclosure regarding rental conditions will also be expanded. Mayors and heads of districts will be required to announce rental conditions received from operators not only in local government bulletins but also on their websites.
Additionally, local governments will be allowed to set regulations on the rate of rent increases for private rental housing complexes with over 100 units. Tenants will also be able to access information about rental deposit guarantee memberships through RentHome.
On the other hand, penalties for minor violations, such as failing to report rental contracts, will be reduced. The fine for a first violation will decrease from 5 million won to 3 million won, while the fine for a second violation will drop from 7 million won to 5 million won. The fine for a third violation will remain unchanged at 10 million won.
The amended enforcement decree will be announced on the 27th and will take effect six months after its announcement.
* This article has been translated by AI.
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