Finding and Renting an Apartment in South Korea

Those looking to rent in Korea will find no shortage of apartments as they are the preferred form of housing in the country. Large high rise communities called apateu (아파크) line the Korean landscape. The majority of Koreans prefer apartment living because of the convenience it affords. Most complexes are near shops, schools, and entertainment, and provide building maintenance for tenants. Smaller apartment complexes, called yeollip jutaik (연립주택), are also available with comparable layouts inside.

Finding an Apartment

A good way to begin your search for an apartment in Korea is by calling an area real estate agent. Agents, or budongsan (부동산;不動産), will have local listings and will walk you through the process of selecting a place and negotiating the terms of your contract. Real estate agents charge a fee to both renters and owners for these services. It is advisable to use a real estate agent in order to negotiate the best apartment and contract possible. Real estate agents can also find out if there are any outstanding liens on the property that may prevent the return of your deposit.

If you do chose to go it alone, apartment listing can be found in local newspapers and special circulars that advertise real estate properties. You can then contact the owners of agent in charge directly. Whether hiring the services of a real estate agent or looking for housing on your own, keep in mind that few people speak English and it is advisable to have someone along to help translate for you.

Rental Agreements

Jeonse

There are several types of rental agreements used in South Korea. Jeonse (전세;全貰), or 'key money', is an arrangement where the lessee gives the owner a large deposit of over half of the property's value. This deposit is returned at the end of the rental period. The owner can benefit from the large deposit by putting it in high yield investments during the contracted period. The lessee benefits in the end by paying no rent. The usual rental period for this type of agreement is two year.

Wolse

Another commonly used arrangement is called wolse (월세;月貰), which means 'monthly rental'. In this agreement, a smaller deposit is made and rental fees are paid to the owner on a monthly basis. The are also times when a landlord will accept a combination of the two.

Full Payment

Advanced full payment arrangements require the entire rental amount be made upfront for the contracted period. No money is returned to the lessee under these terms.