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A severe scarcity of jeonse (long-term rental deposits) housing, driving up prices and making it difficult for tenants to secure affordable housing.
서울의 전세난으로 인해 전셋값이 급등하고 있다.
Due to the housing shortage crisis in Seoul, jeonse deposit prices are skyrocketing.
전세난이 청년들의 주거 선택권을 제한하고 있다.
The housing shortage crisis is limiting young people's housing options.
전세 (jeonse) refers to a long-term rental system in Korea where tenants pay a large deposit (typically 40-80% of the property value) instead of monthly rent. The crisis emerged in the 2010s due to economic factors like low interest rates, speculative investment, and demographic shifts.
전세 is a unique Korean rental system where tenants pay a large upfront deposit (typically 40-80% of property value) instead of monthly rent. The deposit is returned when the tenant moves out, provided the property is undamaged. This system has contributed to the housing shortage crisis as property owners prefer to hold properties for speculative gains rather than rent them out.
전세난 is specific to Korea's housing market. In discussions about housing crises in other countries, equivalent terms like 'housing shortage' or 'rental crisis' are used instead.
Combines '전세' (jeonse, long-term rental deposit system) + '난' (short for '난리', meaning 'crisis' or 'chaos'). The term emerged in the 2010s as a neologism reflecting Korea's housing market crisis.
The term is widely used in news media and policy discussions. It reflects both economic and social concerns, particularly among younger generations struggling to enter the housing market.