The government plans to supply 114-thousand homes across the nation over the next two years by leasing newly built houses or public homes.

Finance Minister Hong Nam-ki unveiled the plan on Thursday as part of measures to rein in soaring prices of “jeonse” rental agreements.

Chairing a government meeting on the property market, Hong said that the latest measure is focused on increasing the supply of rental homes.

The minister said that over the next two years, the government will provide 114-thousand rental homes nationwide, including 70-thousand in the greater Seoul area. The government is planning to supply 35-thousand units for Seoul alone. 

The government plans to secure at least 49-thousand units by the first half of next year. 

Jeonse is a rental method unique to Korea in which tenants pay a lump-sum deposit to the building owners rather than monthly rent. It is returned when the tenant moves out.