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The Complete Apartment Hunting Guide for Foreigners in Korea

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Discover the ultimate guide for foreigners hunting apartments in Korea. Learn about rental systems, how to read listings, and find the perfect accommodation.

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Date

Oct 21, 2023

Introduction

Moving to a different country can be an exciting adventure, but it also comes with its fair share of challenges. As a foreigner, navigating a new culture, language, and housing market can be overwhelming. Understanding the rental systems, knowing what to look for in an apartment, and dealing with paperwork and contracts are just some of the struggles that foreigners may face. However, with proper research and preparation, these challenges can be overcome, and finding a suitable place to live can become an enjoyable part of your experience abroad.

In this post, we will explore the process of finding an apartment in Korea. We will discuss different rental systems, such as 전세 (Jeonse) and 월세 (Weolse), and provide insights into how to read apartment listings. Additionally, we will share tips on using real estate agencies and online platforms for your apartment search. Whether you're a student, a digital nomad, or someone planning to move to Korea, this guide will provide valuable information to help you find the perfect accommodation.

Renting Systems in Korea

There are different housing and rental systems in Korea I will discuss 2 of them in this post 전세 (Jeonse) and 월세 (Weolse).

전세 (Jeonse)	월세 (Weolse)
Very High Deposit: Above 100 Mill Won	Relatively High Deposit: 5 Mill - 10 Mill Won
Rent Free	Monthly Rent
Maintainance Fees	Maintainance
Utility	Utlity

전세 (Jeonse) is very unique to Korea where you pay a huge deposit (more than ~100.000 USD) upfront, and you only need to pay for maintenance and utility costs.

You basically live for free.

The landlord will use your deposit, invest it, earn interest, and give you your money back at the end of the contract.

월세 (Weolse) is more like the traditional monthly rent system in other countries.

But the deposit is relatively higher than in other countries which are around 5000 USD ~ 10.000 USD (more common)

You pay the rent and maintenance fees, on top you pay for utility costs (Gas, Water, Electricity) which is handled by the government

The contract period is normally 2 years

There can be exceptions which has to be discussed with the Landlord and Real Estate Agent

Once the contract expires to renegotiate the terms with your landlord.

Research

Before I permanently moved to Korea I’ve been traveling back and forth for more than 9 years

I stayed in various types of accommodations such as

Airbnbs

Guesthouses

Hotels

Sharehouses

Friend’s House

Hanok

I explored a different neighborhood in Seoul. Before I moved I made a list of conditions that helped me with my search

Conditions:

What are must have!

Nice to have!

No Gos?

Here are some examples:

Which area do you want to live?

How much do I want to pay for rent?

How much deposit are you willing to pay?

Fully furniture?

Airconditioning

Which Floor

Elevator

Close to which subway station or public transportation

The more specific you are with your answers the easier it will be for you to spot the perfect apartment

How do you read a Apartment Listing in Korea

Before you start searching let me explain to you how you can decode an apartment listing

Type of Apartment: One Room Studio Apartment, Two Rooms, Officetel…

Apartment Size: 33m2 (10평) (Pyeong is often used 1 Pyeong = 3.3m2)

Type of Rent: 전세 (Jeonse), 월세(Weolse)

Deposit/Rent: 10 Million Won/700 Thousand Won

Maintainance Fee: 50 Thousand Won

Pro Tip: Use Google Translate Camera 😉

Real Estate Agencies (부동산)

So now that you know how to Read the Listing you can just walk around your desired neighborhoods and read the listings on the windows in a Real Estate Agency Office.

If there is something you like then just walk in and ask. The listing is often gone as things in Korea happen so fast, but they will show you alternatives.

Again, preparation is key! List out all the things above of your “must haves” and also show them some images of how the room should look like!

Online Platform or Apps

Real Estate Agencies recommended me to have a look at Naver 부동산

That’s the most reliable one. You might have seen in other videos about 직방(Zigbang), 다방(Dabang), those are mostly reposting from Naver

My personal Requirements

Area: Mapo-Gu (Student Area)

Close to the MMA Gym no more than 20min Walk

Deposit: ₩5.000.000($5.000) ~ ₩10.000 ($10.000)

Close to Subway Line 2

Monthly Rent: ₩800.000 ($800)

Big Windows and plenty of Sunlight (Facing South, South East, South West)

Mapo-Gu Area

When should I contact the Real Estate Agent?

Don’t start the actual search more than 2 weeks in advance. Korea things happen fast! Most Real Estate don’t make appointment more than 2 weeks in advance because you could move in within days!

Apartment Tour with Real Estate Agent

After successfully contacting the real estate agent, they will inform you of the location and time for the apartment tour. In my case, it happened on the same day! In addition to showing you the desired room, they will also take you to see alternative options. If you don't like any of the rooms after visiting them, you can let the agent know. However, it's important to make a quick decision as the room could be taken by someone else within the next hour!

Signing the Contract

Once you have decided on which apartment you want to take, the real estate agent will take you back to the office to complete the necessary paperwork.

I highly recommend bringing a Korean friend or translator with you if the agent does not speak English well.

Required Documents

Passport/Resident Card

Korean Phone Number

What are the Fees involved

10% of the Deposit

90% Moving Day

300k Real Estate Agency

The real estate agent will guide you through the entire process. They will show you the Landlord’s Public Government Records and Public Property Information.

Review the following conditions:

Current state

Move-in date renovations

Move-in date

Lastly Sign the contract

Alternatively Websites:

Craigslist

Enkorstay.com

ShareHouseKorea

To get a feeling and the prices I found Craigslist to be very helpful just to get inspiration and see the prices in different neighborhoods

Conclusion

Finding an apartment in a new country can be a challenging task, but with proper research and persistence, it can be done in a relatively short time once you found your gem. My experience taught me that it's essential to have a clear idea of what you're looking for and to be open to different options. If you're moving to a new country and need to find an apartment, I hope my experience will help you in your search.