The presidential transition team said Tuesday that the next government will seek to persuade the ruling Democratic Party, which holds a majority in parliament, to revise the so-called “three lease laws.”

In a Tuesday briefing, Konkuk University professor Shim Gyo-eon, who heads the transition team's task force on real estate issues, said the three lease laws, introduced without sufficient social consensus or a grace period, have seriously hindered stability for tenants.

As revision can take time due to bipartisan differences, the transition team also announced plans to implement complementary measures before the revision takes place.

Shim said the next administration will review whether to abolish or scale back the laws in order to improve the lease system and restore market functions, promising a step-by-step approach to minimize any impact on the market.

The professor pledged efforts to persuade the ruling party to revise the laws in question based on public consensus regarding the legislation's side effects.

Under the laws intended to protect tenants, landlords must renew large-sum deposit leases for two years after the first two as well as limit rent hikes to five percent and report rental contracts to authorities.

Critics have said the laws interfere with the market and only fueled disputes between homeowners and tenants.