How to Rent a Home in Korea

Navigating the process of renting a home in Korea for the first time can feel overwhelming. Numerous questions might arise: Should I consult a lawyer? Are appliances typically included in rentals? How can I discover quality rental properties? Which neighborhoods will best suit my needs? These are just the tip of the iceberg. Dive in for answers to these pressing questions and gain insights from our members who've made Korea their home.

"Relocating to a new country can be a daunting task, especially when it comes to finding a place to live. If you're planning to move to Korea, it's important to understand the rental process, which can be quite different from what you're used to. This guide will provide you with all the necessary information about renting an apartment in Korea, from finding a property to signing the lease.

How Do You Find a Rental Property in Korea?

There are several ways to find rental properties in Korea. You can use online platforms like Zigbang, Naver Real Estate, and Craigslist. English-speaking real estate agents are also available, especially in areas popular with expats like Itaewon and Gangnam. You can also find listings in local newspapers or through word of mouth.

Does Korea Have an MLS Type System?

Korea does not have an MLS (Multiple Listing Service) system like in the United States. Instead, real estate agents have their own listings. It's recommended to work with multiple agents to get access to a wider range of properties.

Do Brokers Have Licenses and How Do I Know If They Are Licensed?

Yes, real estate brokers in Korea are required to have a license. You can verify their license by asking to see it or checking the Korean Real Estate Brokerage Information System (KREBIS).

Should I Buy or Rent in Korea?

Whether to buy or rent depends on your personal circumstances. Renting is generally more flexible and requires less upfront cost, but buying can be a good investment if you plan to stay in Korea long-term. Consult with a financial advisor to make the best decision for your situation.

Is It Difficult to Find Rentals in Korea?

Finding a rental in Korea can be challenging, especially if you don't speak Korean. However, with the help of an English-speaking real estate agent or online platforms, it's definitely possible. The rental market in Korea is quite active, with a wide range of options to suit different budgets and preferences.

What Documents Are Required When Renting an Apartment in Korea?

When renting an apartment in Korea, you'll need your passport, Alien Registration Card (ARC), and proof of income or employment. Some landlords may also require a reference or guarantor.

Do I Need a Lawyer When Renting an Apartment in Korea?

While it's not mandatory to have a lawyer when renting an apartment in Korea, it can be helpful, especially if you're not fluent in Korean. A lawyer can review the lease agreement and ensure your rights are protected. The cost can vary, but expect to pay around 500,000 to 1,000,000 KRW.

How Long Is the Typical Lease For?

The typical lease term in Korea is one year, but it can be negotiated with the landlord. Some landlords may offer a discount for longer lease terms.

Do I Have to Pay a Deposit?

Yes, a deposit is required when renting an apartment in Korea. The amount can vary greatly, from a few million KRW to up to 80% of the property's value. This is known as Jeonse and it's a unique system in Korea where the tenant lends a large sum of money to the landlord for the duration of the lease.

What Other Upfront Costs Are There When Renting?

Other upfront costs when renting in Korea include the first month's rent, real estate agent fee (usually 0.4-0.8% of the lease), and maintenance fees. Some landlords may also require a key money deposit, which is separate from the security deposit.

Are Utilities Included?

Utilities are typically not included in the rent and need to be set up and paid for by the tenant. This includes electricity, water, gas, and internet. The cost can vary depending on usage, but expect to pay around 100,000 to 200,000 KRW per month.

Are Furnished or Unfurnished Rentals More Popular?

Both furnished and unfurnished rentals are available in Korea. Furnished apartments usually include basic furniture and appliances like a bed, sofa, refrigerator, and washing machine. Unfurnished apartments may only include built-in appliances like a stove and air conditioner. Furnished apartments are more popular among expats and short-term renters, while unfurnished apartments are preferred by long-term renters who want to bring or buy their own furniture," said one expat living in Korea.

Expats Talk about How they Found their Home

"My husband relocated to Korea first and chose a location close to subways and shopping - an area called Itaewon. Unfortunately, if I had to do it again, I would not choose this neighborhood. The area is frequented by singles and there are many bars. Not necessarily the best neighborhood for raising children," commented an expat living in Seoul.

"I lived with my in-laws for a few months, which was a great load-off. Then scouted out places near work. After a few weeks of looking on my own I brought in my boss to negotiate the fees--and he did a GREAT job. The place is about a 10 minute walk through the (safe) park to work, if brand new and less than I'd have paid downtown back home. Definately take a local to negotiate if at all possible," said an expat in Seoul.

"One of the best ways to find a place to live in Korea is to use online resources such as websites and apps. Popular websites such as Goshiwon, Joonggonara, and Naver Real Estate are great places to start your search. Additionally, there are many apps such as Jikji, Naver Real Estate, and Naver Map that can help you find a place to live in Korea. You can also use social media platforms such as Facebook and Instagram to connect with people who may be able to help you find a place to live. Additionally, you can contact real estate agents who specialize in helping foreigners find a place to live in Korea," remarked one expat who made the move to Korea.