Understand the System
In order to get a place on your own in Korea, it's critical that you know how the housing system works.
Leases are typically one or two years, but can be shorter term depending on your parameters and the available options.
In many parts of the world, tenants pay a deposit plus a monthly rent, with the deposit amount often being equal to one or two months' rent. In Korea, leases are mostly done using either the jeonse or wolse system.
As long as the agreed obligations are met at the end of the lease term, the tenant gets all of the money back. However, the key deposit amounts can be quite high, since they are typically 40 – 90% of the market value of the house. On a studio with a 100,000,000 won market value, expect to pay a key deposit of 40,000,000–90,000,000 won using the jeonse system.
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