Types of Rent System
Types of rent system in Korea are Worse and Jeonse.
Wolse (Monthly Payment + Deposit)
Wolse requires the renter to deposit a fixed sum with a landlord after which monthly rent is to be paid on a specified date each month.
The amount of the security deposit for wolse is lower than that for jeonse. The amounts of the security deposit and monthly rent are negotiable.
The deposit sum can be increased in order to lower the monthly rental charge.
The lessee should pay monthly utility charges (electricity, water, gas, phone, Internet, and TV reception).
Jeonse (Key Money Deposit)
Jeonse, or the key money deposit, is a housing rental system specific to Korea.
Instead of paying monthly rent to a landlord, a large lump sum payment is deposited into the landlord’s bank account for the duration of the contract.
By law, Jeonse contracts are signed for two years. At the end of the contract, the deposited amount is returned to the renter.
Some landlords prefer this method because they can collect interest from the amount deposited in the bank. Another reason why some landlords may prefer the Jeonse method is simply because they have purchased the property with Jeonse contracts themselves.
Some may not like the key money deposit method since depositing a large sum of money comes with risks, not to mention the difficulty of trying to come up with a large sum of money all at once. However, this method is the most advantageous for tenants since the full deposited sum is returned at the end of the contract. When looking to rent on a key money deposit method, the first step you must take is to check that there are no unpaid loans. It is imperative that you check the building’s register before you sign.
Types of Residence
Types of residences available in Korea are serviced residence, apartment, one-room studio, multi-family residence, hanok (Korean traditional house), etc.
Serviced Residences
Serviced residences are furnished apartment buildings for both short- and long-term visitors to Seoul.
They have all the necessities of a modern apartment
These units are usually two to three times bigger than your average hotel room and usually include a kitchen.
Hotel-like services are provided, which include a front desk, a business center and a community area. Visitors may prefer a serviced residence as opposed to a hotel because of their affordability.
Apartments
Apartments are the most popular housing option among Koreans. They are preferred by most locals mostly due to their convenience.
Nearly all apartment complexes have facilities nearby such as supermarkets, district offices, post offices, and schools, as well al easy access to public transport.
Basic utilities like water, gas and heating are well established.
The units are somewhat smaller than what one might be accustomed to abroad.
Since the units are tightly packed into each complex, there can be a lack of privacy.
Looking for a parking space after work can also be a challenge, as most complexes do not allocate parking spaces to each unit.
Officetels / One-room studios
Officetel (office + hotel) refers to a residence-like office space. Some Koreans use them as residences.
Most of them are located in easily accessible places.
They are equipped with furniture and convenience facilities. The tenant’s privacy is protected.
A one-room studio is a smaller version of an officetel.
One-room studios offer lower monthly rents than officetels. There are many one-room studios near a university.
Detached Houses
Detached house is built for one family on detached housing site.
In detached houses, the privacy of a family is well protected.You can set up a residential plan the way you like.
You can have your own garden.
Multiplex Houses
They are smaller versions of apartments.
A multiplex house is in a building no higher than four-stories.
number of families can reside in separate residental space in a building, and each household can own and sell the suit separately.
Hanok
A hanok is traditional Korean house.
Ondol, a system of heated floors, keeps the house warm during the cold winter months, while the wide front porch keeps it cool during the scorching, hot summer months.
The hanok is a type of residence unique to Korea that was developed to meet the needs associated with the frigid cold of winter and the scorching heat of summer.
It is interesting to note that many remodeled traditional homes are appearing in the city.
These remodeled homes have various modern amenities to go along with the beauty of their traditional design.
international districts
Seoul has several international districts. The growth in the number of international residents is expected to increase further with plans for foreign investment zones around the city. The following is a short list of some of the prominent foreign communities in Seoul.
Itaewon
Itaewon was and continues to be the largest expatriate community in the country.
Located near Yongsan Garrison, it has been designated as a special tourist zone.
Itaewon is famous for shopping with its diverse range of shops catering to the needs of the foreign community. The neighborhood also boasts a large number of bars, clubs and restaurants.
The multi-cultural community in Itaewon is well represented by the authentic ethnic restaurants of the area. Some of the American, French, Pakistani, Indian, Egyptian and Middle Eastern eateries are simply unmatched.
Itaewon is the residential area of choice for a large number of foreigners working in Korea.
Hannam-dong
Hannam-dong has a significant number of foreign diplomatic missions. As many foreign nationals live in Hannam-dong as in Itaewon.
The district contains two areas: the UN Village and an ordinary residential district.
You will notice a number of fancy villas or big Western-style houses in this exclusive area.
Hannam-dong is primarily a residential area, as many of the associated cultural and business facilities are located in nearby Itaewon.
Ichon-dong
Ichon-dong is widely recognized as a predominantly Japanese residential district.
Ichon-dong was once home to embassy staffers and employees of trading companies in the city.
It’s common to see authentic Japanese restaurants in the area. It’s also quite common to see Japanese business signs in this area.
With Yongsan Park in close proximity, Ichon-dong is a unique and pleasant residential area.
Seodaemun-gu
Seodaemun-gu is a popular residential district among foreigners. Numerous universities are located in this district, and hence many foreign students and professors reside in the area.
Ewha Womans University, Hongik University and Yonsei University are located in this district.
Numerous officetels and one room studios in the district are quite popular with students and singles.
The district is surrounded by mountains which allows for regular and convenient weekend hiking forays for local residents.
Gangnam /Seocho-gu
These areas are among the representative shopping and business districts of Seoul.
Gangnam has various cultural and business facilities such as the Korea International Trade Association (KITA), COEX, and the Seoul Arts Center. There are trendsetting fashion streets and diverse shopping streets in Gangnam.
Gangnam-gu is popular among Koreans because of the convenient transportation to various areas around the city and the elite schools and academies in the area. On the downside, the popularity of this district has led to an increase in housing costs and hectic traffic.
Seorae Village in Banpo-dong, Seocho-gu is a village for French nationals.
Pyeongchang-dong / Seongbuk-dong
Expensive villas and luxury houses line Pyeongchang-dong and Seongbuk-dong.
Located on the hills and surrounded by mountains with a scenic view of the city, the area offers a quiet residential atmosphere.
Art centers and galleries abound.
