What To Look Out For When Renting An Apartment In Korea
For the longest time, South Korea remained largely in the background as Asian giants like Japan, China, and Thailand garnered all the fame and popularity. Recently, however, this country has been on the map, thanks to K-pop stars, K-skincare, and K-dramas. Beyond these, South Korea has acquired the status of a viable destination to migrate to, for its thriving job market, world-class health-care and efficient civic amenities. If you choose to move to this country, you can find all the answers you need in a handy guide explaining what to look for when renting an apartment in Korea.
Top Cities for Renting an Apartment in Korea
South Korea is home to several big and small cities, but the capital city of Seoul remains a favourite among locals and immigrants. A technological hub known for offering a fast-paced urban lifestyle, Seoul is South Korea’s cultural centre. Besides Seoul, the coastal city of Busan, the modern port city of Incheon, and the secluded island city of Jeju are the most popular cities for renting in Korea.
How to Get an Apartment in Korea – Understanding the Rental Methods
The first thing you need to know about renting in Korea is that the rental market here is rather unique and operates significantly differently from most countries. For newcomers, it can be both overwhelming and confusing. You can choose from one of these three modes of renting:
The “Jeonse” Method:
The “Jeonse” or “lump sum” method is one where tenants are expected to pay a significantly large security deposit upfront, while the monthly rent is little to none. A portion of the deposit is refundable. While the low rental cost helps reduce your monthly expenses once you start living here, you need to have substantial savings upfront to pay your landlord when you rent your apartment.
The “Wolse” Method:
You also have the option of choosing the traditional “Wolse” or “monthly rent” rental mode, wherein the security deposit is smaller, but the rent may be higher. Plus, you may have to pay maintenance charges and other expenses depending on your chosen city or neighbourhood. This mode of renting in Korea is ideal for international residents earning a steady monthly income.
The “Hyeonde” Method:
“Hyeonde” is nothing but the Korean word for the term “modern”. New age landlords (including Weave Living) offer a more modern and convenient mode of renting, providing tenants with options like short-term renting and co-living rentals. Unlike the “Jeonse” and “Wolse” systems, the “Hyeonde” system does not enforce a two-year rental contract, granting more flexibility without a long-term commitment.
How Much to Rent an Apartment In Korea – A Quick Cost Analysis
Consider the cost-analysis chart below to understand the costs associated with renting in Korea, explained in the local currency, the South Korean Won (₩):
Besides these unavoidable expenses mentioned above, you can expect to pay a monthly fee of approximately ₩80-200K towards vehicle parking costs, ₩30-50K towards high-speed fibre internet fees, and ₩50-150K towards apartment maintenance expenses to get a more accurate estimate of the cost of renting an apartment in Korea.
How to Rent an Apartment in Korea – The Steps to Follow
Let us now understand how to rent an apartment in Korea as a foreigner. Here’s a simple step-wise guide:
For Jeonse and Wolse Renting:
1. Choose your preferred mode of renting
The first thing you need to do is decide whether you want to rent via the “Jeonse” (lump sum security deposit) method or the “Wolse” (monthly rental) model, based on your budget.
2. Find a Budongsan
A Budongsan, in Korean, is a real estate agent (typically tied up with a real estate company) who can show you the available listings. Since rental agreements are drafted in Korean, the role of a Budongsan is significant in helping you find the right rental home.
3. Visit the Rental Properties
The next step is to visit the different apartments with your Budongsan, compare the monthly rents, security deposits, contract periods, etc. Your agent helps you negotiate the costs of renting and the terms of your rental contract.
4. Sign the Lease Contract
Once you are satisfied with the lease terms, you can sign your lease contract, which is typically for a period of two years. All the rules governing costs, deposits, rental duration, tenant rights, etc., are mentioned in the contract.
5. Register Your Lease and Move In
The last step is to pay your landlord the initial rent or deposit and complete the lease registration process to secure the place. Once you file and submit your contract with the local government body, you can begin the move-in process.
For Hyeonde Renting
With Hyeonde renting, you don’t have to depend on anyone. All you need to do is research online for contemporary and suitable renting options, such as Weave Living, where you can find plush and sophisticated short to long-term rental homesl with just three simple steps:
- Visit the Weave Living website, choose your city, and browse the various rental homes.
- Read up about the facilities and amenities offered and lock in your preferred home.
- Complete the booking process online and move into your rental home in Korea.
Final Note:
Today, South Korea, especially Seoul, has earned the reputation of being one of the best cities to live in Asia. If you plan to move here, you should ensure you understand how the rental systems work and have the necessary financial means to bear the associated costs. It also helps to hire the services of a Budongsan before you move here, for a smooth, hassle-free rental experience.
Enjoy a simple, smart, and sophisticated rental experience with Weave Living rental homes.