Korea Lease Process Step 1: Viewing the Property

Renting in Korea isn’t just about signing a contract and moving in.

The lease process here has multiple steps, legal protections, and hidden pitfalls that many expats overlook. Understanding these steps can save you from costly mistakes and legal headaches.

In this series (Signing the Lease), I’ll walk you through the full lease process in Korea—from your first property tour to move-in day—and highlight key risks to watch out for.

Step 1: Viewing the Property

When you're on a property tour with your agent, it's time to ask the right questions.

What you see isn’t always what you get.

Start with the basics—questions you’d ask back home:

• What’s the unit condition?
• Is it furnished or unfurnished?
• How noisy is the area? What about the neighbors?
• What’s the average utility bill?
• Is there parking, and what’s the situation?

You know the drill. But here’s where Korea gets unique:

Deposit & Rent

As I explained in a previous post, security deposits in Korea are notoriously high—but they’re often negotiable. You can usually lower the deposit by paying slightly more in monthly rent.

Deposit-to-Rent Conversion Formula:

(Deposit reduction amount) × 5.5% ÷ 12 = Monthly rent increase

Where 5.5% = 3.5% (current BOK base rate) + 2% (the current legal conversion rate set by Presidential Decree)

So, if you want to reduce your deposit by ₩10 million, expect to pay about ₩50,000 more per month in rent.

Does this always work?

• If the unit is vacant: The landlord is often more flexible.
• If the unit is occupied: The landlord probably needs your deposit to refund the current tenant, making negotiation harder.

Still, always ask. A competent agent can often make it happen.

Lease Period

Most standard leases (월세) in Korea are for 2 years.

If that works for you—great.
If not, plan ahead and negotiate.

Want more flexibility?

Add a special clause allowing early termination under certain conditions (e.g., covering re-leasing costs). A good agent will know how to draft this correctly.

Maintenance & Management Fees

These fees vary widely depending on the building type and condition—anywhere from ₩0 to ₩200,000+.

Always ask what’s included:

• Community area maintenance
• Electricity
• Water
• Gas / Heating
• Internet / Wi-Fi

Officetels and apartments typically have higher fees than one- or two-room units in multi-unit houses.

Realtor Tip:

Some properties under rent control but in high demand may have inflated fees that includes "disguised rent."
Know before you sign.

Repairs & Fixes

See something minor like a broken faucet, ripped screen, or loose handle?

Negotiate the fix before signing.
After the lease is signed, getting repairs done becomes much harder.

Move-In Cleaning

In some areas like Gangnam, landlords offer move-in cleaning—but the catch is, you’ll be responsible for move-out cleaning (and the cost).

Everywhere else, the new tenant usually handles cleaning before move-in, including A/C units and built-ins.

When moving out, you’re generally not charged, but you are expected to leave the unit in reasonable condition.

Final Thought: Step 1

A successful lease starts before the paperwork—during the property tour.

Ask smart questions, assess more than just looks, and don’t hesitate to negotiate early.
From deposit adjustments to cleaning expectations, what you clarify now can save you stress later.

And remember: a sharp, experienced agent isn’t just a middleman—they’re your first line of defense in this process.