Finance ministry awards AI rental-fee idea top prize in cost-of-living contest

The finance ministry said it awarded the top prize in a contest for ideas to ease household living costs to an AI-based service that organizes scattered management-fee information for prospective tenants and regulators.

The grand prize went to "Clean Management Fee," a proposal for a public service in which artificial intelligence collects management-fee data scattered across public records and real estate listings, giving prospective tenants and supervisory authorities a basis for comparison. The entry was praised for addressing the blind spot in management fees for non-apartment housing such as studio and villa units, which are not subject to mandatory disclosure.

The contest drew about 360 submissions, and roughly 1,500 people voted in a public poll that helped select five winning proposals after expert review. One grand prize winner received a deputy prime minister's citation and 2 million won ($1,493). Two runners-up each received 1 million won ($747), and two third-place winners each received 500,000 won ($373).

The ministry held an awards ceremony for the "People's Livelihood Plus" living-cost reduction policy idea contest on Oct. 8 at the Government Complex Sejong, attended by Deputy Prime Minister and Finance Minister Lee Hyung-il.

"As the proposals were designed and chosen directly by the public, they are very meaningful," Lee said, according to the ministry. He said the government would review various measures, including forwarding them to relevant ministries, so that voices from the field can be connected to actual policy.