Travel Reference
In-Depth Information
Short-Term Rentals
Short-term rentals (defined as anything less than one year) are not common in South Korea,
and agents generally won't be interested in arranging them. You may get lucky with taking
over a lease for a short time from someone leaving the country, however—check websites
like Craigslist and the Seoul city government's (
www.seoul.go.kr
)
for listings.
Failing that, if you have a sizable budget, your best option is serviced apartments, of
which there are many in sizable cities like Seoul and Busan. These basically function like
hotels in that they can be rented by the day or month and often include perks like cleaning
services, buffet breakfasts, and swimming pools, but also have standard home-like touches
such as fully functional kitchens and separate bedrooms. They're a convenient option but
quite expensive, with rates for a one-bedroom serviced apartment in Seoul starting at about
2 million won per month, often payable up front and with a damage deposit of up to one
month's rent for longer stays.
Many serviced apartment complexes are owned and operated by hotel chains or large
hospitality firms with multiple branches throughout Seoul and other South Korean cities.
Some of the better-known operators with a local presence include Frasers Hospitality
(
www.frasershospitality.com
)
, Somerset Serviced Residences (
www.somerset.com
)
, and
Vabien Suites (
www.vabiensuite.com
)
. A quick Internet search for “Seoul serviced apart-
ments” or “Korea serviced apartments” will throw up dozens of other options.
It's also possible to arrange long-term discounts with most
yeogwan
(inns or motels) for
stays of a couple of weeks or more. These can be fine in a pinch but won't really contribute
to feeling that you're settling down.
Long-Term Rentals
The minimum lease most landlords will consider is one year, and many prefer two-year
contracts, although it's often possible to leave earlier by finding another tenant to take your
place. Basically renters in South Korea will be presented with two options. One is
wolse,
or
monthly payment, which mimics the system found in most other countries where the tenant
is charged a monthly rent and pays an initial security deposit, to be returned when the con-
tract is completed. However in South Korea this deposit is usually fairly large—5 million
won is generally seen as a minimum, and it can be tough (though certainly not impossible)
to find a landlord that will accept the standard Western deposit of one or two months' rent.
Wolse
is the most common arrangement in expatriate-heavy areas and is becoming more
accepted elsewhere.
