Standard Lease Terms When Renting an Apartment in Korea

In Korea, the standard residential lease term is 24 months. This two-year contract is the default preference for most landlords, especially in Seoul. However, shorter lease terms are available in certain situations, and understanding the nuances can help tenants—particularly expatriates—secure the right housing arrangement. Lease Terms Shorter than 24 Months While the 24-month lease remains standard, 12-month leases are sometimes possible, and in specific property types—such as studios and one-bedroom apartments in Seoul—terms of less than 12 months can be negotiated. Outside of Seoul, lease terms can be more flexible, influenced by local market conditions. For example, in Ulsan (a major industrial hub), landlords have recently shown greater willingness to offer shorter terms, provide furnishings, or make other concessions. That said, there are important considerations when pursuing a short-term lease in Seoul: 1. Higher Rental Rates o A 12-month lease generally carries a higher monthly rent compared to the same property on a 24-month lease. The shorter the term, the greater the premium. 2. Limited Break Clauses o Most 12-month leases do not include an early termination option. In some cases, a break clause for 9–10 months may be negotiated, but this is not standard. 3. Reduced Property Availability o Many landlords prefer 24-month leases, so the pool of available properties for shorter terms is smaller. 4. Furniture Requirements o If a furnished property is needed, options become even more limited. Additionally, landlords may require extra fees or an increased rental rate to cover the cost of furnishing. Alternatives for Short Assignments For stays shorter than 12 months—particularly for corporate assignments—serviced residences offer an attractive alternative. These properties typically: • Require no security deposit • Operate on a month-to-month payment schedule • Include utilities, internet, and management fees in a single monthly payment This arrangement can be cost-efficient and convenient for tenants who prefer flexibility and minimal set-up time. Longer Lease Terms While 36-month leases are possible, they are less common, especially among corporate tenants. The main reason is the large advance payment required—since, in many expatriate-focused areas of Seoul (such as Itaewon, Hannam, and the French Village), the standard rental method is full prepayment for the entire lease term. Outside these expatriate districts, the "key money + monthly rent" structure is more common, aligning with the traditional Korean rental market. Key Takeaway For most renters in Korea, especially in Seoul, a 24-month lease will be the starting point for negotiations. Shorter leases can be arranged—most commonly for smaller units or in less competitive markets—but they come with higher costs, limited availability, and fewer landlord concessions. Serviced residences remain the most flexible choice for short-term stays, while long-term arrangements require significant financial commitment upfront.