Housing in Korea for Foreigners: Budgets, Contracts, and Safety Tips

Living in Korea as a Foreigner

Finding a home in Korea can feel overwhelming at first. Between strange contract types like jeonse (전세) and wolse (월세), confusing deposits, and unfamiliar housing styles, it’s easy to get lost.

This guide explains what kind of housing foreigners can afford on low, medium, and high budgets, how Korean rental contracts work, and what you must do to avoid scams.

What Kind of Home Can You Afford in Korea?

1. Low Budget (₩200,000–700,000 / month)

Best for: Students and short-term digital nomads

Housing options:

• Goshiwon (고시원): Very small room with a bed and desk, shared bathrooms/kitchen.

• Share-house: Private bedroom + shared kitchen and living room, often with foreign roommates.

• Budget studio: Older one-room apartment, in less central areas.

Deposit: Often low (₩0–₩1,000,000).
Pros: Cheap and flexible.
Cons: Limited privacy, sometimes poor sound insulation, not the newest houses or nearest to central areas.

2. Mid Budget (₩700,000–1,200,000 / month)

Best for: Digital nomads, working professionals, or students who want privacy

Housing options:

• One-room (원룸): Studio-style apartment with private bathroom and kitchenette.

• Co-living space: Fully furnished room in a serviced apartment with cleaning and bills included.

• Officetel (오피스텔): Small but modern building with good security and amenities.

Deposit: Usually ₩2million –10 million.
Pros: Private, clean, often in good neighborhoods.
Cons: Requires some paperwork, higher deposit than share houses.

3. Comfortable Budget (₩1,200,000+ / month)

Best for: Long-term expats, professionals, families

Housing options:

• Officetel (large): Premium building with gym, security, and underground parking.

• Apartment or Villa: Spacious, modern homes with multiple rooms and elevators.

• Jeonse deals: If you have a large sum of cash, you can rent long-term with almost no monthly rent.

Deposit: ₩10 million up to several hundred million (especially for jeonse).
Pros: Comfortable, secure, and quiet.
Cons: Requires high capital or long-term commitment.

Understanding Korean Rental Contracts

1. Jeonse (전세)

Jeonse is a unique Korean housing system where you pay a large lump-sum deposit (often 50–80% of the property value) to the landlord.
You usually pay no monthly rent, and the deposit is returned at the end of your contract.

Example: Deposit ₩100 million, no monthly rent.

✅ Good for: Long stays and people with savings.
⚠️ Watch out for: Landlords with existing loans, check the property registration to protect your deposit.

2. Wolse (월세)

Wolse is the most common rental type for foreigners. You pay a smaller deposit + monthly rent.

Example: Deposit ₩5 million + ₩700,000 per month.

The higher your deposit, the lower your monthly rent can be.

✅ Good for: Most expats, students, and remote workers.
⚠️ Check: Deposit refund terms and who pays for utilities.

🏠 Monthly Rent (No Deposit)

Some secured and trusted platforms, like Enkostay offer co-living spaces, serviced apartments, and goshiwons listings with no-deposit contracts. You just pay monthly.
It’s perfect for short stays or people who don’t want to lock money into deposits.

✅ Good for: Short-term stays, students, digital nomad
⚠️ Check: Cleaning fees, utility limits, and notice periods.

How to Avoid Rental Scams (Must Read!)

Unfortunately, some foreigners get tricked by fake landlords or shady agents. Here’s how to stay safe:

1. Check ownership (등기부등본) : You can request a property registration document at any local community center. It shows who owns the house and if it has loans.

2. Use official contracts (주택임대차표준계약서) : Always use Korea’s standard lease form, available at community centers or through official agents.

3. Register your lease (확정일자) : After signing, visit the community center to register your contract. This gives you legal protection if something goes wrong.

4. Verify the landlord : Make sure the bank account and name match the property owner.

5. Don’t rush or pay in cash : Scammers often pressure you to “pay today” to hold the unit.

6. Keep receipts and photos : Get everything in writing, including payments, utilities, and move-in conditions.

7. Avoid unrealistic deals : If the rent is too cheap for the area, it’s probably fake.

Common Scams to Watch Out For

• Fake agents using stolen photos from real listings.

• “Middlemen” who collect deposits and disappear.

• Jeonse fraud : the landlord owes money, so the bank seizes your deposit.

• Subleases without the owner’s permission (illegal but common).

👉 Always verify documents and ownership before transferring any money.

FAQ — Housing in Korea for Foreigners

Q1. What’s the cheapest housing option for a student in Korea?
A goshiwon or shared house near a university. Expect ₩300k–₩700k per month, often without a deposit.

Q2. Can foreigners sign jeonse contracts?
Yes, but it’s not recommended unless you fully understand the risks. Always check the property’s registration and make sure your contract is registered.

Q3. Can I rent in Korea without speaking Korean?
Yes! Many co-living spaces and real estate agents specialize in foreign tenants. Still, bring a Korean-speaking friend when signing documents.

Q4. Do I get my deposit back at the end of the lease?
Yes, if you follow the contract terms and there’s no property damage. Always take move-out photos and confirm the refund date in writing.