How to rent housing in South Korea: tips for Russian-speaking expats

The life of Russian-speaking immigrants in South Korea

In South Korea, the life of Russian-speaking emigrants has its own peculiarities, especially regarding housing rentals. Since the early 1990s, when diplomatic relations were established between Russia and South Korea, there has been active development of trade and cultural ties. Emigration of people from the former USSR, including ethnic Koreans, has become quite a common phenomenon, and more and more new residents are starting their lives in the "land of morning calm."

Economic opportunities

Today's Busan serves as an important port that is actively serviced by Russian fishing and cargo vessels. This creates a demand for specialists in the maritime industry and mechanics. At the same time, large companies like Samsung and LG are attracting Russian programmers, engineers, and designers, providing job opportunities for professionals from completely different fields, including oil and gas and shipbuilding.

Students and cultural exchanges

In addition, in recent years there has been an influx of students from Russia, Kazakhstan, and other post-Soviet countries to South Korea. Many of them are inspired by Korean culture, which is actively represented through popular dramas and music, and they strive to learn the Korean language to better understand life in this country.

Housing rental

When it comes to renting housing, it can vary significantly depending on the type of accommodation, financial capabilities, and location. Students or those staying for a short period can choose quite affordable options—studio apartments that are conveniently located near educational institutions or workplaces. Typically, the deposit for such apartments is around5000 dollarsand the monthly rent is approximately400 dollarsIn Busan, there are many such options, especially in the Russian districts, for example, in Texas and Chinatown.

Housing search

Housing search is usually conducted through realtors who are familiar with the nuances of Korean rental legislation. There are several types of contracts distinguished:

• Contracts with a high deposit and free accommodation for a certain period.
• Agreements with a monthly fee.

It's important to remember that when renting a property, there may be additional expenses such as utilities, internet, and possible realtor fees.

Safety and transparency

Ensuring safe entry and exit from the apartment is also very important. Tenants should strive for productive and transparent relationships with property owners. When discussing living conditions, it is essential to clarify all details to avoid misunderstandings. It is also worth considering cultural differences that may significantly differ from the usual norms in other countries.

Expert opinion

Yulia Yezhova, a translator for the Korean real estateagency ASTI, emphasizes the importance of understanding these nuances for foreign tenants to ensure a comfortable living experience in South Korea. Ultimately, life in this country offers numerous opportunities for professional growth and cultural exchange, and despite potential challenges, a large number of Russian-speaking emigrants find their place here.

Those specialists who decided to rent housing for a long term in South Korea usually strive to find comfortable apartments. They are well-acquainted with the surroundings and choose neighborhoods that they like. Besides the Russian district, popular locations include Haeundae and Songdo beaches, known for their urban atmosphere. Many modern high-rise buildings are located in close proximity to Haeundae Beach, making them attractive to renters.

Rental price and deposit

As for the rental cost, you may need between 1000 to 1500 dollars per month for a spacious apartment in Busan, with a deposit of around 25 thousand dollars.Deposit systemIts features can pose challenges for newly arrived foreigners who are just beginning to navigate the South Korean reality. One of the concerns that many have is renting without regular payments but with a large deposit.

Features of renting in Korea

This specific rental method, characteristic of South Korea, requires understanding. Typically, the deposit can range from 50-70% of the market value of the apartment. For example, if the apartment is worth $200,000, the owners may request a deposit of between $120,000 and $140,000. Such contracts are usually signed for two years, and at the end of this period, the deposit is fully returned to the tenants.

Departure before the end of the contract

However, if you need to leave the accommodation before the end of the term, you will have to wait until a new tenant is found who is willing to take the apartment with the same large deposit.Owners rarely return the deposit.until a new tenant is found, as this money is often used for payments to banks or developers.

Guarantees for the return of the deposit

Despite this, there are mechanisms in place to protect deposits. The landlord is obliged to return the money at the end of the contract term, but you must notify them in advance of your intention to move out. If you fail to do this, the owners may interpret your silence as an intention to extend the lease for another two years, as explained by real estate expert Yulia Yezhova.

Registration of the lease agreement

The key point isregistration of your lease agreement with the local authorityand obtaining the appropriate stamp. This will help protect you from the sudden sale of the property, ensuring that your rental rights for the apartment are preserved for the entire duration of the contract.

Advantages of renting with a high deposit

This type of rental with a high deposit can be a great opportunity for those planning to buy their own home in Korea but are not yet confident in their knowledge of the market. It allows not only to test living in a specific area but also to significantly save on monthly payments, which will make it easier to accumulate funds for purchasing an apartment in the future.

Housing rental in South Korea for expats

Expats living in South Korea most often choose housing under monthly rental agreements. Typically, these contracts are made for a duration of two years, although in some situations, a one-year agreement may also be possible. This form of rental has its own unique features that are specific to the Korean real estate market.

Apartments are only offered with a deposit, which for long-term rentals ranges from 1 to 5 million won, equivalent to amounts from 1,000 to 5,000 US dollars for a one-bedroom apartment or studio. Cases where housing is rented without a deposit are extremely rare. This may be due to the rental occurring through acquaintances whom you fully trust, or it may involve low-quality apartments.

Reasons for the necessity of collateral

A deposit is required.to ensure the homeowner's confidence that the tenant will regularly pay the rent. In the event that the terms of the contract are violated, for example, if the tenants leave the apartment unexpectedly and without prior notice, the deposit may not be returned or may only be partially returned. This money can also be used to cover the tenant's debts if they fail to meet their financial obligations.

Searching for an apartment and realtor services

As for directly searching for an apartment and paying for real estate services, for someone who speaks the language and understands local rental rules, the process of moving into a new home can take just a couple of days. All you need to do is visit a real estateagency in the area you are interested in, where they will offer various options.

Korean realtors usually specialize in specific residential complexes or apartment buildings and rarely offer services throughout the entire city. Therefore, those who have not yet decided on a location should plan enough time to visit several agencies in different areas.

Popular neighborhoods for living

The Kamchon district, known as the "cultural village," used to have a reputation as a poor and troubled place, but it has now become quite popular among creative youth and intellectuals. To sign a rental agreement, new tenants usually only need to provide a deposit and a passport. Sometimes, the landlord may be interested in the tenant's activities, the number of people who will be living in the apartment, and whether there are any pets.

Real estateagency commission

According to the legislation of the Republic of Korea,the size of the agency commissionIt is determined based on the value of the contract being signed and is calculated according to special rates. Usually, the realtor receives a commission at the time of signing the agreement, and both parties contribute approximately equal shares - from 0.5% to 0.9% of the total rental amount.

• In cases of working with foreigners, the commission may increase due to expenses for translation and consulting services, if such are required.
• If there is a need to terminate the contract in advance, change tenants, or reissue the agreement, the tenant is required to pay a commission to the realtor.
• The landlord has already signed the contract and should not charge additional amounts for working with other clients.

Additional expenses when renting a property

Additional expenses related to renting housing include various utility obligations and internet services that are paid for by the tenants.

Rules for renting in the Korean real estate market

In the Korean rental market, there are certain rules that must be followed. If a tenant does not notify the landlord about the end of the lease a month before it expires, such silence may be interpreted as a desire to extend the lease under new terms. One of the key points when ending a lease and moving out is the return of the deposit. It is important to remember that the process of returning the deposit can become complicated if the tenant has already left the apartment and handed over the keys or access code to the landlord.

Legislative aspects of eviction

According to South Korean law, a tenant cannot be evicted while their belongings are still in the premises. If there is suspicion of bad faith on the part of the landlord, it would be wise to leave some personal items in the apartment until the settlement process is completed. Generally, the procedures for returning the deposit take place on-site, allowing the tenant to collect their belongings immediately after the process is finished, as noted by Yulia Yezhova.

Moreover, landlords take a risk if they decide to move in a new tenant before a contract is signed and payment is received. If the tenant has already moved in their belongings, their legal rights to protection against eviction are significantly strengthened. This creates serious risks for the property owner, as they may not receive rental payments, which can sometimes lead to the need for law enforcement intervention.

Confusion between tenants and landlords

Confusion can arise between tenants and landlords if clients want to leave their belongings in an empty apartment after a viewing. Despite the understanding that "Yes, we can leave our things since the apartment is empty," this approach is not acceptable in Korea. The process of moving in and out requires careful handling, and knowledge of local laws can help avoid many conflict situations.

Relationships with property owners

Relationships with property owners in South Korea represent a unique area in which agencies are not required to participate. Most Korean realtors do not get involved in additional issues related to rentals, including eviction processes. "In our market, it is considered normal for all rental-related matters to be resolved directly between tenants and owners," explains an experienced specialist.

However, our agency, which focuses on working with foreigners, understands that interacting with property owners can be challenging for expats, so we are ready to support clients at every stage.

Recommendations for tenants

It should be noted that Koreans show respect for the personal space of tenants and never enter apartments without prior notice. Even in cases that require urgent intervention, such as during emergency repairs or the installation of an air conditioner, landlords always agree on the time and date of their visit in advance.

It is important to note that Russian-speaking clients generally present themselves positively. They demonstrate reliability and often make payments more regularly than many locals. Thus, renting and relationships with property owners in South Korea require a careful approach to avoid unpleasant situations and ensure the safety of both parties.

Conclusion

In conclusion, I can say that renting a home in South Korea is a complex but interesting process, especially for Russian-speaking expats. Considering the variety of publications related to foreign economic relations, many come here with different goals: to work, study, or start a new life. This multifaceted experience creates a unique atmosphere for foreign citizens, but it also requires a careful approach to interacting with local property owners and understanding the nuances of the market.

Options for renting housing

South Korea offers a wide range of rental options — from small studios to spacious multi-room apartments with a large deposit and no monthly payments. This unique approach to renting makes many foreigners reconsider their usual perceptions of real estate and finances.

Key points of renting a property:

• Availability of registered contracts.
• Communication with landlords and realtors at an accessible level.
• Guarantees for the return of the deposit at the end of the contract.
• Comparison of traditional rental options and rental with a large deposit.

And although agreeing to a long-term commitment may seem daunting, it provides reliable guarantees for both parties.

Cultural and legal aspects

It is also important to consider cultural and legal aspects — the presence of necessary registered contracts, communication with landlords and realtors at a transparent and accessible level.The necessity of a competent approachKnowledge about rental housing and awareness of the real estate market will help you avoid many pitfalls and make your stay in Korea comfortable and safe.

Recommendations for expats

Therefore, if you plan to live or work in this amazing place, I recommend paying attention to the following tips:

• Carefully prepare for the rental housing process.
• Use local resources.
• Don't hesitate to ask questions.

With each correct step, you will not only be able to comfortably settle your life in Korea, but also truly appreciate all the treasures that this country offers its guests.