Finding a home in Seoul: the specifics of the rental market

Finding a home in Seoul means understanding a rental system that is nothing like the French one. Almost everything revolves around the security deposit: either a moderate deposit with a monthly rent (the wolse), or a very large deposit with no rent (the jeonse). For a newly arrived foreigner, the wolse is generally the only realistic option.

The market is tight and prices are rising. According to the monthly report from the Dabang platform, a studio of 33 m² or less in a small residential building rented for an average of 710,000 won per month in Seoul in March 2026, based on a deposit of 10 million won. In August 2026, the Korea JoongAng Daily described young Koreans forced to move away from their university or office to pay less. This guide sets out the types of home, the districts, the budgets and the checks to make before signing.

Wolse or jeonse: two ways to rent

The wolse, monthly rent and a moderate deposit

This is the most common arrangement for foreigners. You pay a security deposit (bogeum) at signing, then rent each month. The deposit is returned at the end of the lease if the home is handed back in good condition. The ratio between deposit and rent is negotiable: a higher deposit lowers the rent, and vice versa. That is why Korean rent statistics always state the reference deposit, often 10 million won.

The jeonse, a massive deposit with no rent

With the jeonse, the tenant pays a very large sum, generally 50 to 80% of the value of the home, and pays no rent for the duration of the lease, often two years. For a studio, the average jeonse deposit reached 213.86 million won in Seoul in March 2026 according to Dabang. This arrangement is declining: tighter credit has reduced supply and shifted demand to the wolse, which pushes monthly rents up. For a foreigner with no banking history in Korea, the jeonse is both hard to finance and risky if the landlord cannot pay the deposit back.

What type of home to look for

• The goshiwon: a small furnished room with shared spaces, around €300 per month with charges included and no deposit. Useful for the first few weeks.
• The one-room: a studio where kitchen, sleeping area and living space fit into a single room, very common near universities and office districts.
• The officetel: a modern studio in a mixed office and residential building, more expensive, often well located.
• The villa: a small residential building of two or three floors, with mid-sized apartments.
• The apateu: an apartment in a large housing complex, the most common form of housing for families.

Detached houses are rare in the central districts. If you want space, look at the large apartment complexes rather than a house.