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How much do houses rent in South Korea?
Rental house prices in Korea depend on the region and housing conditions. Accordingly, the most expensive houses and buildings are located in the business centers of Seoul.
• Korean houses are divided into 3 types based on their construction:
1. Private apartment houses (1-3 floors)
2. 3-5 storey houses ("Villa")
3. High-rise buildings (10-30 floors, "Apati" — Apartment).
• Houses of the first and third categories are the most expensive houses, and they are mainly occupied by working and family-oriented Koreans with high incomes.
• Villas are mostly inhabited by students, foreigners, the elderly and people with lower incomes.
When the houses are rented, a one-time security deposit (bojeung-geum) is paid in addition to the monthly payment, which is returned after the lease expires.
💵 Average rental prices of Studentbop villas:
1 bedroom: $250-500;
2-room: $320-700;
3 bedroom: $400-900;
In these villas, the security deposit (deposit) is paid on average $500-$3000 depending on the conditions of the house.
• Rents in high-rise buildings are slightly more expensive at over $1000 per month, mainly because of the great amenities and spacious, comfortable rooms.
• Interestingly, some apartment buildings in Korea do not require rent! But they are required to pay a high value deposit as we mentioned above. If a deposit of more than $200 is paid during the term of the lease, the landlord does not require a monthly payment from the tenant. Because the owner of the house deposits this money in the bank and receives the interest rate.
Let's say a deposit of $100 will give you a huge discount on the rental price.
📄The documents are formalized through the offices of the rental agency with the participation of the landlord and the tenant.