This study analyzes the determinants of Jeonse Price-to-Value ratios amid increasing cases of unpaid Jeonse deposits in parts of Gyeonggi Province. Residential complexes in 31 municipalities were classified into areas with concentrated Jeonse defaults and general areas. The results show that Jeonse ratios in high-risk areas are influenced by physical housing attributes, local living-environment factors, and regional housing market conditions. A higher share of dwellings owned by multi-property landlords is associated with significantly higher Jeonse ratios, highlighting the importance of ownership concentration. Jeonse ratios for low and multi-unit housing remain persistently high due to opaque price formation. The findings emphasize the need to improve price transparency and to monitor multi-property landlord ownership as a key risk indicator.