President Park Geun - hye ( second from the right ) listens to an explanation from Lee Jun Yong , Honorary Chairman of Daelim Industrial Co . , about New Stay , a new type of rental housing unit , at a groundbreaking ceremony for the first group of new units on Sept . 17 . The ceremony attendees include Incheon City Mayor Yoo Jeong - bok ( left ) and President of Daelim Industrial Co . Kim Han - Ki ( second from left ) . President Park Geun - hye celebrated the beginning of construction of “ New Stay , ” a new type of long - term apartment rental program , at a groundbreaking ceremony in Dohwa - dong , Incheon City , on Sept . 17 . “ New Stay will be a new model of housing in which a private company can offer good quality rental housing and respond to market changes , ” said President Park . She expected that the New Stay rental housing model will greatly contribute to housing stability for the middle - income class . President Park said , “ Unlike existing public rental houses , anyone can apply for these , without consideration of whether they own a house or their income level . Its residents can live there without having to worry about moving for up to eight years . The annual increase of rental fees will be limited to a maximum of five percent . “ It will be difficult for managers of non - New Stay rental housing to ask residents to pay excessively high rental fees , as they will have to compete with the costs of New Stay units . This will help stabilize the housing market for those who are looking to lease a house or pay monthly rent . New Stay is a combination of housing and residential service and will provide tailored housing services such as childcare , cleaning , and healthcare in order to meet various demands of users , including working couples and the elderly . By doing so , New Stay will boost the convenience of life and satisfaction of its users , ” said the president . President Park Geun - hye ( second from the left ) celebrates the start of New Stay , a new form of housing model , at its groundbreaking ceremony on Sept . 17 . “ When New Stay units increase and become a new alternative to rental houses , they will offer a crucial opportunity to change the concept of a house from ‘ a place to possess ’ to ‘ a place to reside . ’ The government will supply 18 , 000 New Stay units this year , and more than 60 , 000 units by 2017 , ” said President Park . The president also commented , “ For the housing welfare of citizens who do not own their own homes , the government has been implementing a customized housing allowance system , beginning in July of this year , to support households that cannot afford rental housing fees . We will continue to expand the benefits of the system in the future . ”" The government will provide 140 , 000 units of ' happiness housing ' this year , so that young generations can find houses near their workplace or schools without having too much worry about financial difficulties . They will be able to move in as early as October of this year . We also introduced public silver houses ,   a new type of public   housing for the elderly , which is a combination of public rental housing and welfare service , for the elderly who are single and economically distressed , ” she added . President Park Geun - hye ( third from right ) talks with members of a family who will move into the New Stay housing unit . The “ Incheon Dohwa New Stay Project ” is part of the government ’ s “ housing rental project promotion plan ” which it announced on Jan 13 , this year . A total of 2 , 105 New Stay units will be built under the project , which is jointly funded by Daelim Industrial Co . , Incheon Development & Tourism Corporation and the National Housing Fund . Successful applicants will start to move into the New Stay units in February , 2018 . By Jeon Han , Yoon SojungKorea . net Staff WritersPhotos : Cheong Wa Daehanjeon @ korea . krCopyright ⓒ 1999 - 2013 KOCIS . All rights reserved .