What is key money in Korea?

What does key money actually mean?

A landlord may ask a tenant to pay a key money fee (besides rent and bond). This is money that the landlord uses to grant or make changes to a tenant's tenancy. Key money is not allowed by landlords. This is money that tenants pay to landlords to keep the property for them to decide whether to rent it or not.

Second, how expensive is it to live in Korea? South Koreans are hardworking, well paid and have a stable currency. They also enjoy a high standard and living standards. Although the cost of living is very affordable in South Korea, Seoul, the capital, is extremely costly. South Koreans are most likely to spend the largest amount on housing.

How does Korea rent?

Jeonsae is a typical Korean rental agreement where you pay all your rent upfront (and nothing over the year). You get your money back after the lease ends. Wolsae is a more traditional rental arrangement, in which you pay a down payment and then rent each month. Gwanlibi is the apartment's maintenance charge.

Rent in Seoul is expensive

It all depends on where you live and what you want, but Seoul is quite expensive. rent is for one person. There are no shared Korean-style villas or officetels (studio rooms) rent ranges from $600 to $1500 depending on where you live and what amenities. Korean food is very affordable if you eat out.