Jeonse & Wolse Explained
Korea's rental system is unique. Here's how it works.
μ μΈ (Jeonse)
Large lump-sum deposit (50β80% of home value). No monthly rent. Deposit returned when you leave.
β’ Deposit: β©100Mβ500M+
β’ Monthly: β©0
β’ Contract: 2 years
β’ Best for: Long-term, have savings
μμΈ (Wolse)
Smaller deposit + monthly rent. Most common for foreigners. Deposit returned when you leave.
β’ Deposit: β©5Mβ30M
β’ Monthly: β©500Kβ1.5M
β’ Contract: 1β2 years
β’ Best for: Foreigners, short-term
Key things to know
- ⒠보μ¦κΈ (deposit) is always returned at end of contract (minus damages)
- β’ κ³μ½μ (contract) β always get one. Have someone translate it.
- β’ λΆλμ° (realtor) β commission is 0.3β0.5% of deposit. Split between landlord and tenant.
- β’ μ μ μ κ³ β register your address at κ΅¬μ² within 14 days (protects your deposit legally)
- β’ νμ μΌμ β get this stamp on your contract at κ΅¬μ² (extra deposit protection)
Protect your deposit
- β’ ALWAYS do μ μ μ κ³ + νμ μΌμ (takes 10 min at district office)
- β’ Take photos of apartment condition on move-in day
- β’ Keep all receipts for repairs you make
- β’ Give 2 months notice before contract ends