Laws to protect tenants takes effect Friday

'임대차법' 개정안 국무회의 통과...오늘부터 시행

Laws aimed at protecting the rights of tenants have taken effect as housing prices continue to rise in South Korea.
During a Cabinet meeting Friday, Prime Minister Chung Sye-kyun said the swift implementation is to prevent confusion in the market and to stabilize people's livelihoods.
"Around 38 percent of people in South Korea rent. I expect these laws will stabilize their livelihoods. I ask related ministries and local governments to notify people of the changes and step up follow-up measures."
On Thursday, the National Assembly passed two revised bills one allowing tenants to extend their two-year "jeonse" contracts for another two years.
The other puts a five percent cap on rent deposit increases after the four-year period.
Jeonse is a lease system in South Korea in which tenants pay a lump deposit instead of monthly rent and is guaranteed for two years.
The revision comes amid mounting anger over property prices, which continue to soar despite government measures to try and stabilize the market.
A third bill, which requires landlords to report to the government actual rent prices, will likely be put to a vote next week.