Finding housing in South Korea (short and long term)

Long term housing is ideal if you’re sure you want to be based in the same place for the entire duration of your stay in Korea. Chapter 4 will present additional long term options that offer some more flexibility.

The Korean Rental System

There are two rental systems in Korea: jeonse and wolse.

1. Jeonse

The tenant pays a deposit of 50% to 100% of the property’s total value and can occupy the property without paying any monthly rent for the entire lease period, usually 1 to 2 years. The full deposit is then returned at the end of the lease. The owner, meanwhile, invests this amount to earn interest.

This system isn’t really suitable for WHV holders or students.

2. Wolse

This is the more familiar rental system with monthly rent. In this case, the tenant pays monthly rent to the landlord, usually along with a security deposit worth 10 to 20 times the monthly rent.

As you can tell, security deposits are much higher than those typically seen in the West. They can range from 1 to 2 million won, up to 20 million won or even more.

It’s very common to negotiate the amount of the deposit and rent, by increasing the deposit to lower the rent, or vice versa.

For WHV holders and students, it’s wiser to go for lower deposits so as not to lock away all your savings at the beginning of your stay.

Note that deposit and rent prices vary depending on the property, neighborhood, landlord, and economy.

It is possible to take out insurance to guarantee the return of your deposit if the landlord refuses or is unable to return the money. This type of insurance is highly recommended if you’re paying a very large deposit. The Korea Housing & Urban Guarantee offers this kind of insurance.

Rental prices

It’s difficult to give an average deposit amount, as it varies a lot. For two similar apartments, you might be asked for a deposit of 1 million won for one and 10 million won for the other.

If you go through a traditional agency, deposit prices are generally quite high. By transacting directly with private individuals—especially through classified sites like Craigslist—you can find accommodations with lower deposits.

For rent, expect to pay between 400,000 and 850,000 won for a one-room (aka studio) in Seoul. A multi-room apartment will be much more expensive.

You can find places with very low rent but high deposits, or the opposite. That’s why it’s hard to give a specific price range. It’s up to you to decide what you prefer.

Around universities, you’re more likely to find good deals: fully equipped accommodations with lower deposits and shorter leases.

Leases are usually a minimum of 6 months. Most often, utilities are paid separately from the rent (internet isn’t always included) and can vary a lot depending on the season. In summer, air conditioning is essential, just as heating is in winter (floor heating, ondol). However, utility costs are generally not excessive (between 10,000 and 40,000 won/month).

Flatshare

Flatsharing is a great way to reduce expenses and live in a larger space! It also allows you to split the deposit amount.

If you’re coming to Korea with a friend, you can look for an apartment to rent together. If you’re coming alone, you can find ads for available rooms in existing shared apartments on expat Facebook groups in Korea. You can also find listings on Craigslist.

You can also choose to find roommates with whom you can start searching for an apartment together. To do so, post your own ad on Facebook groups—many other WHVers, temporary workers, expats, and students are also looking for roommates.

Apartment or one-room (aka studio)

To find an apartment, you can go through a real estate agency that will help you find a place that meets your criteria. You can also find listings via classified ads on Craigslist or through various Facebook groups.