Renting in Korea: What foreign residents should know before signing
The cultural pull of the Korean wave and the availability of jobs have drawn growing numbers of foreign nationals to Korea. As of July, 2.9 million were living in the country, a record high, with the vast majority staying long term, according to data from the Ministry of Justice. For many, settling in Korea means navigating a housing market that can be daunting even for locals. Kim Tae-soo, a…
The influx of foreign residents to South Korea has surged, reaching a record 2.9 million as of July, with the majority remaining long-term, according to Ministry of Justice data. This growing population presents challenges in navigating the country's housing market, especially for newcomers unfamiliar with its unique rental system.
Real estate investment adviser Kim Tae-soo, with two decades of experience, highlights the difficulties many face in understanding and adhering to the rental laws. A key aspect of Korea's rental system, "jeonse," involves tenants paying landlords a substantial lump-sum deposit, typically at the start of a lease agreement lasting two years.
The deposit is expected to be fully refunded upon lease termination, unlike the monthly rent system common in many other countries. Due to the potentially large amounts involved, Korean housing laws place significant emphasis on the conditions tenants must meet to safeguard these considerable sums. Many individuals find themselves ill-prepared for these requirements, leaving them vulnerable to potential issues with their deposits.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Renting in Korea: What foreign residents should know before signing koreatimes.co.kr
