Renting in Korea as a Foreigner: Deposits, Rent, Documents and Contracts

How renting works in Korea

Korean rentals come in three main forms, and you will see these words on every listing:

• Wolse (월세, monthly rent): you pay a refundable security deposit (bojeunggeum, 보증금) up front and then rent every month. Most newcomers start here.
• Jeonse (전세): you hand over a very large lump-sum deposit, often a big share of the home's value, and pay no monthly rent at all. The whole deposit comes back when you move out.
• Banjeonse (반전세, "half jeonse"): a larger deposit in exchange for lower monthly rent.

Your deposit is refundable, but it is only as safe as the landlord's finances and the debts registered on the property. That is why the first question in Korea is not "how cheap is it?" but "will I get my deposit back?" We compare the options in detail in jeonse vs monthly rent for foreigners.

Types of homes: one-room, officetel, villa, apartment

For short stays, goshiwon (tiny rooms, 고시원) and share houses are options. Move-in is fast and deposits are small, but the deposit protections described below may not work the same way, so read the terms carefully.

What you actually pay each month

• Deposit: negotiable. You can often trade a higher deposit for lower rent, or the reverse.
• Monthly rent: paid by bank transfer on the date written in the lease.
• Maintenance fee (gwanribi, 관리비): covers shared cleaning, elevators, security and sometimes water or internet. Electricity and gas are usually billed separately. Ask for a written list of what is included.
• Brokerage fee (중개보수): a one-time fee that the tenant and the landlord each pay to the agent.
• Moving, cleaning and setup costs for your first month.

Example: a one-room with a ₩10M deposit and ₩600,000 rent

For monthly rentals, the brokerage fee is based on a "converted deposit": deposit + rent × 100 (or × 70 if that total is under ₩50M). Here that is ₩10M + ₩600,000 × 100 = ₩70M. The legal maximum rate for the ₩50M–₩100M band is 0.4% with a ₩300,000 cap, so the most the agent can charge you is ₩280,000, or ₩308,000 with 10% VAT. Try your own numbers in the brokerage fee calculator.

Documents you will need

1. Alien Registration Card (외국인등록증): foreigners staying longer than 90 days must register within 90 days of arrival. Overseas Koreans on an F-4 visa may hold a domestic residence report card (국내거소신고증) instead.
2. Passport.
3. Proof of income or status: a certificate of employment (재직증명서), employment contract, recent pay slips, or a certificate of enrollment if you are a student. This is not a legal requirement, but many landlords ask.
4. A Korean bank account and a phone number in your own name.
5. Your signature: you can sign instead of using a personal seal (dojang).

Make sure your name on the lease matches your registration card exactly, including spelling, spacing and the order of names. A mismatch can cause trouble later when you apply for a deposit guarantee or file official reports.

Also think about your visa period. Standard Korean leases run for two years. If your permission to stay ends sooner, say so up front and add a clause about early termination.

Finding an agent who speaks your language

• Use a licensed real estate agency (gongin junggaesa, 공인중개사). A licensed office must display its registration and the agent's license, and you can ask to see them.
• Browse listings first to learn the price range in each neighborhood; it makes negotiating much easier. On rental connect you can post what you are looking for, and foreign residents see agents who speak their language first.
• If no one speaks your language, bring a bilingual friend or call the government's Immigration Contact Center at 1345, which offers interpretation in many languages.
• Never send a "holding deposit" for a home you have only seen in photos. Fake listings that ask for one are a well-known scam.

What to check before you sign

1. The property register (등기부등본, deunggibu). Download it from the Internet Registry Office on the contract day. Confirm that the owner is the person you are signing with, and look for mortgages (근저당), seizures or auction records. Our guide on how to read the property register walks through each section.
2. The landlord's ID. If someone signs on the owner's behalf, ask for a power of attorney and the owner's seal certificate, and call the owner directly.
3. The contract terms: deposit, rent, payment date, what the maintenance fee covers, contract dates, a list of included furniture and appliances, and who pays for repairs.
4. Special clauses (특약, teugyak): for example, "the landlord will not register a new mortgage until the day after the balance is paid," "the tenant may end the lease with X months' notice if their visa ends," and how the deposit will be returned if you leave Korea.
5. Payment: send the deposit only to an account in the registered owner's name.
6. Language: translated leases are helpful, but the Korean text is what counts legally. Ask the agent to explain every clause before you sign.

For large deposits, especially jeonse in a villa, run the numbers through our jeonse safety check before you commit.

Right after you move in, and common mistakes

As soon as you move in, report your new address (체류지 변경신고, "change of residence report") and get a fixed date stamp (확정일자, hwakjeong-ilja) on your lease. For registered foreigners, the change of residence report has the same legal effect as a Korean citizen's move-in report, and together with the fixed date it is what protects your deposit. Step-by-step instructions are in move-in report and deposit protection for foreigners. Take dated photos of every room, too; they settle most arguments about damage when you leave.

Mistakes we see most often:

• Paying a holding deposit before seeing the home and the register.
• Assuming the maintenance fee includes utilities.
• Signing a two-year lease with no exit clause when your visa is shorter.
• Waiting weeks to report your new address. Protection starts only after you report.