There are several different types of accommodations available in Korea. In addition, there are a few payment options available. Accommodations are usually made available through an intermediary such as a real-estate agent. Real-estate agents are not centrally organized, so apartment seekers should first decide upon their desired living area, and then contact a local real-estate agent. It is not advised to visit an agent without accompanied with a local resident.
- Jeonsae(Cash Deposit System)
- Jeonsae(Cash Deposit System) is cash deposit system where the renter transfers a lump sum to the apartment owner for the duration of the lease period (1-2 years). The deposit can range from 15 million KRW (for one room apartment) to a few hundred million won (3-4 bedroom apartment -1500 square feet) in an upscale neighborhood.
- Wolsae(Rental System)
- Wolsae(Rental System) is most similar to the rental system in the United States; usually apartment owners will require the entire rent to be paid in advance unless a deposit it paid. The rent amount can range from 500,000 – 2M KRW per month.
- Jeon-Wolsae(Lump sum deposit and monthly rent)
- This hybrid combines the lump sum deposit and monthly rent. The higher the deposit, the lower the monthly rent fee.
Type of accommodations