Soaring Seoul rents squeeze options for foreign renters
Rising rents and high deposits in Seoul are limiting housing choices for expatriates, who also face language barriers and limited loan access.
Seoul’s rental market has become increasingly unaffordable for foreign residents, as illustrated by a 22-year-old Mongolian makeup artist who can now only afford basement units or poor-condition rooms. Data from the Korea Real Estate Board show August rents climbing for the 16th month in a row to a record 675,000 won, while average jeonse deposits topped 61.17 million won. Over half of surveyed foreign residents now live in monthly rentals, up from the city-wide average of 28 percent, because they struggle to obtain large-deposit loans.
Language barriers and unfamiliarity with Korean lease contracts further complicate their search. The Seoul Foreign Residents Center and Seoul Global Center are linking tenants with multilingual agents at designated “Global Real Estate Agencies” to help navigate these challenges. The city’s foreign population and international student numbers have risen sharply, intensifying demand for affordable housing.
