Guide to renting in Korea

Types of housing

• Dormitory 기숙사
  Duration: 1 season or 1 semester
  Usually a good option for students as they do not need to pay for a high deposit. 
• Homestay 하숙집
  Living with a Korean family
  
  
• Oneroom 원룸
  Rent Duration: Usually at least 1 year
  As the name suggests, it is 1 room that has all the facilities you need. It usually comes with a bathroom and space where you can cook and sleep. There are other types of rooms as well: tworoom, three room
  
  
• Officetel 오피스텔
  Rent Duration: At least 1 or 2 years
  This type of housing is similar to a oneroom, however, you can use this as an office and register it as your business address.
  
  
• Goshiwon 고시원
  Rent duration: At least 1 week
  This is the most common option for people who want to stay in Korea short-term (less than 6 months). It is a very small room (6 sqm), there is only enough space for a bed and a desk. Some goshiwons do not have windows, so be wary.
  
  
• Goshitel
  Rent Duration: At least 1 month
  This is anther common option for people who want to stay in Korea for less than 6 months. Goshiwon + Hotel. This is a fancier version of the goshiwon, most would let you choose between rooms with private toilets or shared toilets, and rooms with or without windows.
  
  
• Apartment 아파트
  Rent Duration: At least 1 year
  This type of housing is common for families living in cities like Seoul. It usually has 2-3 bed rooms, bathrooms, a living room, and a kitchen.
  
  
• Villa 빌라
  
  
• Share house
  This is typically an apartment rented by 1 person and the expenses are split between 2-3 people. Be careful when getting into these kind of housing and giving your deposit as only one person's name is on the contract.

Fees

• 1000/40... 200/80.... 500/60
  You can often see this on room postings. The first number is for the deposit, and the second number is for the monthly rent. But these are counted in 만원 (10,000 won) units, so 1000/40 would mean 10,000,000 won deposit, and 400,000 won monthly rental. 
  
  1만 - 10,000
  10만 - 100,000
  100만 - 1,000,000
  1000만 - 10,000,000
  1억 - 100,000,000
  
  
• Key Money or Deposit
  This serves as a security deposit, you pay the landlord a negotiated amount and get it back at the end of your contract. Warning: Some landlords may tell the tenant that they could not return the deposit until they find a new tenant.
  
  
• Monthly Rent
  You pay this amount every month
  
  
• Kwalipi 관리비 - Maintenance fee
  This is the monthly fee to keep the building in good shape, this could be for trash disposal, elevator maintenance, etc.
  
  
• Bills: Gas, Internet, Water
  Many places have a system where you only pay for what you use, thus the more you use your heater, the higher your gas bill would be. Warning: Some buildings have a shared meter so the bills for the entire floor is devided among the tenants, so you will all pay the same amount regardless if you didn't use the facility as much.

Real Estate Agent 부동산

What they do (Responsibilities)

• Tour you around prospect houses
• Help you communicate with the owner of the space being rented out
• Process the contract

Fees

• You do not have to pay anything if you have not signed a contract, but they do charge a percentage depending on the monthly rent and deposit agreed on the contract.
• Reservation fee 예약금: You pay this fee to secure your room for rental. This amount is typically subtracted from the amount you are going to pay when you make the contract. However, if you change your mind and not go through with renting the room, you will lose this money.

Things to know when renting in Korea

Take your contract to the local 구 or Jumin Center 주민센터 and register it so you will receive protection.

Things to ask or check before signing the contract

• Visit the room before signing the contract
• Nearby facilities in the area
• Additional Fees 
• Noise from outside or neigbors (next door neighbors or top/bottom floors)