New figures released this Thursday show that the growth rate for prices of long-term or lump-sum rental apartments, also known as jeonse, has soared to new highs.

According to Real Estate 114 which tracks housing prices, prices for jeonse apartments in Seoul as of the end of August were up five-point-nine percent from the end of last year.

Although this reflects only the past eight months, it is the highest growth rate for jeonse since 2015.

Real Estate 114 says jeonse prices are likely to continue their upward swing until next year due to growing demand for jeonse and insufficient supply.

A rental system unique to Korea, in jeonse, a renter makes one lump-sum deposit with a landlord that is then returned at the end of the rental period, without having to pay monthly rent.