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Seoul apartment rental deposits for new contracts exceed renewals by 80 million won
🇰🇷 South Korea /Economy & Trade

Seoul apartment rental deposits for new contracts exceed renewals by 80 million won

From Chosun Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

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  • South Korean rental deposit prices for new contracts on Seoul apartments are now 80 million won higher than for renewed contracts.
  • The gap is widening as new contracts quickly reflect current market rates, while renewals are influenced by existing terms.
  • This trend increases the financial burden on tenants seeking new rental housing in the Seoul metropolitan area.

The cost of securing a new rental apartment in Seoul has significantly outpaced renewals, with new contracts now demanding deposits 80 million won higher than existing ones. This widening gap highlights the increasing financial strain on individuals searching for new homes in the capital region.

Recent surges in rental prices across the Seoul metropolitan area are directly impacting new tenants. Unlike lease renewals, which often maintain terms from previous agreements, new contracts must align with current market values. This rapid adjustment to prevailing rates means those entering the rental market face substantially higher upfront costs.

The disparity is particularly noticeable within the same apartment complexes and even for identical unit sizes. The Chosun Ilbo reports that the difference between new and renewed contract deposit amounts is growing, making it more challenging for prospective renters to find affordable housing.

DistantNews Editorial

Originally published by Chosun Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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