Since the mid-1990s, Korea has recorded low population growth rate. Based on the figures provided by the Statistical Korea, Korea may be even confronted with decreasing trends in the total population at the end of 2010s. In addition, Korea may experience the hyper-aged society in the mid-2020s. In the depopulation era, we have to devise alternative urban management policies reflecting low and reversed trends in the urban population. It is almost certain that urban policy-makers have to deal with a new series of urban problems, even jeopardizing the continuity of urban territories. In order to minimize the negative impact derived from depopulated phenomena, they have to develop sound and sustainable urban policy alternatives. This research adopts system dynamics approaches, revealing key factors exerting significant impact on the existing urban management policies. In specific, it pays attention to major causal loops, reinforcing or balancing behavioral.