Renting in Seoul as an Australian: deposits, leases

In Sydney you worry about the weekly rent. In Seoul you worry about the deposit, because it can be the size of a small car loan.

The short version

Korea has two main lease types. Jeonse means one huge deposit and no monthly rent. Wolse means a smaller deposit plus monthly rent [1].
Jeonse deposits are often half or more of the property's value, so almost every newly arrived Australian rents on wolse [1].
Wolse became more common than jeonse for the first time in April 2022 [1], so there's plenty of choice.
Crowd-sourced averages put a one-bedroom flat at around 1.17 million won a month in central Seoul and about 700,000 won further out in 2026 [2].
Your deposit is the big risk. Check who owns the property and what's owed on it before you pay a won.

How Korean leases work

Jeonse: the lump-sum lease

Under jeonse, you hand the landlord a large lump sum, typically 50% to 80% of the property's value, and pay no monthly rent [1]. At the end of the lease, usually two years, you get the lump sum back. The landlord's profit comes from investing your money in the meantime.

It sounds great until you notice the numbers. When the average 84-square-metre Seoul apartment was selling for about 1.04 billion won in 2024 [3], a jeonse deposit on a family flat ran to hundreds of millions of won. Most Koreans borrow to fund it. As a newcomer without Korean credit history, that's rarely realistic.

Wolse: deposit plus monthly rent

Wolse is the one you'll actually sign. You pay a much smaller deposit, perhaps around 10% of the property's value rather than half or more, plus monthly rent [1]. The bigger the deposit you can offer, the lower the monthly rent, and agents will happily show you both versions of the same flat.

Banjeonse: the hybrid

Some landlords offer banjeonse, a halfway house: a fairly large deposit with a small monthly rent [1]. Worth asking about if you've got savings but want lower monthly costs.

Lease type	Deposit	Monthly rent	Who it suits
Jeonse	Very large, often 50%+ of value [1]	None	Long-term residents with savings or Korean finance
Banjeonse	Large	Low	People with savings who want to cut monthly costs
Wolse	Moderate	Yes	Most new arrivals, teachers, working holidaymakers
Short-term rentals, share houses	Small or none	Higher per month	Your first month or two
Goshiwon	Usually small	Low	A cheap landing pad while you look

What it costs in 2026

Here's a rough guide from Numbeo, a crowd-sourced price site. Treat it as a starting point, not a quote [2].

Property	Typical monthly rent in Seoul	Roughly in A$
One-bedroom, central	about 1.17 million won	about A$1,240
One-bedroom, outside the centre	about 700,000 won	about A$750
Three-bedroom, central	about 3.66 million won	about A$3,880
Three-bedroom, outside the centre	about 1.96 million won	about A$2,080

Conversions use the Reserve Bank's rate of about 942 won to the dollar on 5 November 2026 [4]. On top of rent you'll usually pay a monthly maintenance fee for the building, plus your own gas, electricity and internet.

The cheap end: goshiwon and one-rooms

A goshiwon is a single-room building, originally for students cramming for exams, with low rent, shared kitchens and bathrooms and very little private space [5]. Rooms can be as small as 3 to 6 square metres [6]. It's fine for a few weeks. It's grim for a year.

The step up is a "one-room": a studio with its own bathroom and a kitchenette, usually in a low-rise villa building. Officetels, which mix office and residential use, are the newer, pricier version, often near subway stations.

Before you hand over the deposit: the checks

Korea has had serious problems with deposit fraud in recent years, and it's part of why the rental market has been shaky [7]. You don't need to be paranoid. You do need to be careful.

Use a licensed real estate agent. Agents in Seoul are everywhere, usually on the ground floor of apartment blocks. Ask if they've rented to foreigners before.
See the property in person. Check water pressure, heating, mould in the bathroom and whether the windows actually close.
Check who owns it. Ask the agent to show you the property's official registry record. The name on it should match the person signing your lease.
Check what's owed on it. The same record shows mortgages and other claims. If the debts plus your deposit come close to the property's value, walk away. If a landlord owes back taxes, the government can be paid before tenants when a property is auctioned [1].
Protect your deposit after signing. Ask your agent how to register your lease date and report your address so your deposit has priority. Your residence card and address registration matter here, so don't delay getting them.
Pay the deposit by bank transfer to the owner's account. Never in cash, and never to a third party "on the owner's behalf".
Get everything in writing. Who pays which bills, what happens if you leave early, and when the deposit comes back.

Leaving early

Leases are usually for a fixed term, often one or two years. Breaking one often means finding a replacement tenant yourself or paying the agent's fee for the new lease. Agree this in writing before you sign, not when your contract ends early.

Neighbourhoods by budget

Budget	Where to look	What you get
Tight	Sillim, Daerim, parts of Nowon and Dobong	Older villa one-rooms, longer commutes
Middle	Mapo (Mangwon, Hapjeong), Seodaemun, Seongbuk	Character, cafés, good subway links
Comfortable	Yongsan (Itaewon, Hannam), Seongsu	International feel, newer buildings [8]
Corporate	Gangnam, Seocho, Jamsil	Officetels and apartments near business hubs

Itaewon and Hannam are the classic international areas [8], with landlords more used to foreign tenants. Mapo is popular with younger Aussies for its cafés, river parks and the Line 2 and 6 connections. If you work in Gangnam, though, living there can save you an hour a day.

Tips from Aussies who've done it

Your employer may sort housing. Many teaching contracts include a flat or a housing allowance. Check the deposit terms, because some schools pay it and some don't.
Negotiate the deposit-rent mix. Offering a bigger deposit can drop the monthly rent meaningfully.
Ask about the maintenance fee. It varies a lot between buildings and isn't always in the listing.
Heating is underfloor. Ondol floor heating is wonderful in January and expensive if the building is poorly insulated. Ask a previous tenant about winter bills if you can.
Bring your own furniture expectations down. Many one-rooms come with a fridge, washing machine and built-in wardrobe. Beds and desks vary.

If something feels off, ask before you sign. For real-world tips on agents who rent to foreigners, ask in Cooee South Korea, our Facebook group for Australians in South Korea. Someone has probably signed with the agent you're about to call.

Renting in Seoul: jeonse, wolse and why the deposit is the whole game