If you’re planning a short-term stay in Seoul, Korea, there are several options to choose from, including hotels, serviced residences, Airbnb, or short-term rentals. In this guide, we’ll focus on the benefits of renting a short-term apartment through a real estate agency.
Contract Period of Short-term Apartments in Seoul
Short-term rentals in Korea are leases of less than one year because the standard housing contract is typically two years. Short-term leases can start from three months, and negotiations may be necessary for one or two months’ rental periods. If you want to extend or terminate the contract after three months, you’ll need to inform the real estate agency or the owner 10-15 days before the contract ends. Many people extend their stays and live in short-term apartments for over a year.
Deposit Requirements for Short-term apartment rent
Property owners and realtors in Korea tend to require large deposits because they cannot check tenants’ credit. Additionally, if the tenant fails to pay rent for an extended period, the property owner cannot evict them for a significant period. However, for short-term apartments with a limited contract period, the deposit requirements are much lower. Typically, only one or two months’ rent deposit is required.
Price of a short-term Apartment lease
Short term rental in Seoul fall between the prices of Airbnb and long-term apartments. They’re more expensive than long-term apartments due to the owner’s investment in furniture and amenities, as well as the need to find new tenants after short periods. On the other hand, they’re significantly cheaper than Airbnb, which charges prices similar to hotels. For rental periods of one month or less, Airbnb may be cheaper due to building fees, utilities, brokerage fees, and moving-out cleaning fees associated with short-term rentals.
Furniture in Short-term Apartments in Seoul
Most short-term apartments in Seoul come fully furnished, including bedding and kitchen utensils. It doesn’t make sense to buy furniture and utensils for a short rental period. Short-term rentals offer an advantage over hotels and Airbnb because you can see the options in person. Many people choose short-term leases after renting an Airbnb apartment that looks different from the pictures. As you know, pictures can be deceiving, just like the Big Mac you see in daily life.
To sum up
There are multiple short-term housing options available in Seoul that wish for a short-term place. Short-term rentals in Seoul are leases of less than one year, with contract periods starting from three months. Short-term leases require a deposit of one or two months’ rent, and the prices fall between those of Airbnb and long-term apartments. Most short-term apartments are fully furnished, offering an advantage over hotels and Airbnb.