When renting a home in Korea, compare deposit-return risk as well as the cost of jeonse and wolse. Apps such as Zigbang and Dabang can help you find listings, but visit the property and check the terms before signing.
This overview is the starting point for the steps in finding an apartment in Korea. The difference between monthly rent and the deposit is explained in What is the difference between monthly rent (월세) and key money deposit (보증금) in Korea, and how does the jeonse system work?, and a first wolse lease is covered in Signing my first wolse lease — what should I check to protect my deposit?.
Jeonse, wolse and ban-jeonse
- Jeonse: You provide a large deposit instead of paying monthly rent. Consider borrowing costs and the possibility of delayed repayment.
- Wolse: You pay a deposit plus monthly rent. Include maintenance charges and utilities in your budget.
- Ban-jeonse: A higher deposit reduces the monthly rent. Compare the actual quoted costs and the money you need to keep available for living expenses.
Checks before signing or paying
- Tell a licensed realtor your preferred area, budget, contract type and property type.
- Check the exact address and unit, ownership, mortgages and other claims in the property register. Check again before paying the balance. If someone signs for the landlord, verify their authority.
- Record the deposit, rent, term, included maintenance items, separate utilities, repair responsibilities and termination conditions. Ask for an explanation or interpretation of any clause you do not understand.
- Photograph existing defects and meter readings when you move in. Keep the lease and payment records.
Checking the register does not guarantee that your deposit will be returned. Ask the competent office or a legal adviser which residence-reporting, fixed-date and other protection procedures apply to your registration status and contract. This is general information, not legal advice.
Rental contract preparation checklist
Read the WeBring guide for more contract preparation checks →