What are rents like in Busan right now? (January 2026)

Looking for current rental prices in Busan? You're in the right place.

We cover everything from studio rents to 2-bedroom apartments, plus which neighborhoods offer the best value and where demand is strongest in 2026.

This article is updated regularly to reflect the latest Busan rental market data.

And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Busan.

Who is the author of this content?

BAMBOOROUTES

A team specialized in real estate investing in APAC countries (Japan, Thailand, Indonesia, Australia, etc.).

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Busan. If you’d like to learn more about us, you can check our presentation page.

What are typical rents in Busan as of 2026?

What's the average monthly rent for a studio in Busan as of 2026?

As of January 2026, the average monthly rent for a studio apartment in Busan is around ₩550,000 (approximately $420 USD or €390 EUR), typically for units between 22 and 30 square meters.

That said, studio rents in Busan range from about ₩350,000 ($270 USD / €250 EUR) for basic units in older inland neighborhoods up to ₩800,000 ($615 USD / €570 EUR) for newer buildings in prime coastal areas like Haeundae or Gwangalli.

The main factors causing studio rents to vary within Busan include proximity to the coast or metro stations, building age, and whether the unit is furnished or includes a higher deposit that lowers the monthly payment.

What's the average monthly rent for a 1-bedroom in Busan as of 2026?

As of January 2026, the average monthly rent for a 1-bedroom apartment in Busan is around ₩780,000 (approximately $600 USD or €560 EUR), typically for units between 35 and 45 square meters.

The realistic range for 1-bedroom rents in Busan spans from about ₩500,000 ($385 USD / €360 EUR) in areas like Sasang or older parts of Dong-gu up to ₩1,100,000 ($845 USD / €785 EUR) in sought-after districts like Centum City or near Gwangalli Beach.

For budget-friendly 1-bedroom options, look toward Geumjeong-gu or inland Busanjin-gu, while Haeundae-gu and Suyeong-gu consistently have the highest 1-bedroom rents in Busan.

What's the average monthly rent for a 2-bedroom in Busan as of 2026?

As of January 2026, the average monthly rent for a 2-bedroom apartment in Busan is around ₩1,350,000 (approximately $1,040 USD or €960 EUR), typically for units between 60 and 85 square meters.

The realistic range for 2-bedroom rents in Busan stretches from about ₩900,000 ($690 USD / €640 EUR) in neighborhoods like Yeonsan-dong or older apartment complexes up to ₩2,200,000 ($1,690 USD / €1,570 EUR) in premium towers at Marine City or modern developments in Dongnae-gu.

The most affordable 2-bedroom apartments in Busan are generally found in Sasang-gu and northern Geumjeong-gu, while the highest rents cluster around Haeundae's coastal high-rises and select pockets of Suyeong-gu near Gwangalli Beach.

By the way, you will find much more detailed rent ranges in our property pack covering the real estate market in Busan.

What's the average rent per square meter in Busan as of 2026?

As of January 2026, the average rent per square meter in Busan is around ₩18,000 (approximately $14 USD or €13 EUR) per month.

The realistic range for rent per square meter in Busan varies from about ₩12,000 ($9 USD / €8.50 EUR) in older buildings away from transit to ₩28,000 ($21.50 USD / €20 EUR) in premium coastal towers with modern amenities.

Compared to Seoul, where average rents often exceed ₩30,000 per square meter in central districts, Busan offers significantly better value while still being South Korea's second-largest city.

Properties that push rent per square meter above average in Busan typically feature ocean views, are located within a 5-minute walk of a metro station, or are in buildings less than 10 years old with amenities like gyms and concierge services.

How much have rents changed year-over-year in Busan in 2026?

As of January 2026, average rents in Busan have increased by approximately 3% compared to January 2025.

The main factors driving rent increases in Busan this year include landlords preferring monthly rent cashflow over large deposits as interest rates remain elevated, plus steady demand from students and young professionals in central districts.

This 3% increase is slightly lower than the 4-5% growth seen in some Seoul submarkets, reflecting Busan's generally more stable and less speculative rental environment.

What's the outlook for rent growth in Busan in 2026?

As of January 2026, Busan rents are projected to grow by 2% to 4% over the full year, with the strongest increases expected in premium coastal neighborhoods and areas near new transit developments.

The key factors likely to influence Busan rent growth include the Bank of Korea's interest rate policy (which affects whether landlords prefer deposits or monthly rent), continued urbanization drawing young workers to central districts, and limited new construction in popular coastal areas.

Neighborhoods expected to see the strongest rent growth in Busan include Centum City due to its office cluster, Gwangalli for its lifestyle appeal, and areas around new metro extensions.

However, rent growth could fall short of projections if the national economy slows significantly, if a wave of new apartment completions adds supply, or if interest rates drop enough to shift demand back toward deposit-heavy jeonse leases.

We have made this infographic to give you a quick and clear snapshot of the property market in South Korea. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.

Which neighborhoods rent best in Busan as of 2026?

Which neighborhoods have the highest rents in Busan as of 2026?

As of January 2026, the three neighborhoods with the highest average rents in Busan are Marine City in Haeundae-gu (averaging ₩2,000,000+ / $1,540 USD / €1,430 EUR for 2-bedrooms), Centum City in Haeundae-gu (₩1,800,000+ / $1,385 USD / €1,285 EUR), and Gwangan-dong in Suyeong-gu (₩1,600,000+ / $1,230 USD / €1,140 EUR).

What makes these neighborhoods command premium rents is their combination of ocean views, modern high-rise buildings with full amenities, excellent transit connections, and walkable access to beaches, restaurants, and entertainment.

The typical tenant in these high-rent Busan neighborhoods includes corporate executives, expats working for multinational companies, affluent young professionals, and well-off families seeking top-tier facilities and prestigious addresses.

By the way, we've written a blog article detailing what are the current best areas to invest in property in Busan.

Where do young professionals prefer to rent in Busan right now?

The three neighborhoods where young professionals most prefer to rent in Busan are Seomyeon in Busanjin-gu (the city's main commercial and nightlife hub), Centum City in Haeundae-gu (with its cluster of offices and modern apartments), and Gwangan-dong in Suyeong-gu (offering beach lifestyle with good transit).

Young professionals in these Busan neighborhoods typically pay between ₩500,000 and ₩900,000 per month ($385-$690 USD / €360-€640 EUR) for studios and 1-bedrooms, depending on building age and exact location.

What attracts young professionals to these areas includes short commutes via metro Lines 1 and 2, walkable cafes and restaurants, active nightlife scenes, and a concentration of other young residents creating a social atmosphere.

By the way, you will find a detailed tenant analysis in our property pack covering the real estate market in Busan.

Where do families prefer to rent in Busan right now?

The three neighborhoods where families most prefer to rent in Busan are Myeongnyun-dong and Oncheon-dong in Dongnae-gu (known for excellent schools), Geoje-dong in Yeonje-gu (offering good centrality with larger apartments), and Jwa-dong in Haeundae-gu (combining family-sized units with coastal access).

Families in these Busan neighborhoods typically pay between ₩1,200,000 and ₩1,800,000 per month ($920-$1,385 USD / €860-€1,285 EUR) for 2-3 bedroom apartments suitable for children.

What makes these neighborhoods attractive to families includes quieter residential streets, proximity to well-regarded elementary and middle schools, larger apartment floor plans, parks and green spaces, and safe pedestrian environments.

Top-rated schools near these family-friendly Busan neighborhoods include Dongnae Elementary, Myeongnyun Elementary, and Busan International Foreign School for expat families seeking English-language education.

Which areas near transit or universities rent faster in Busan in 2026?

As of January 2026, the three areas near transit hubs or universities that rent fastest in Busan are Jangjeon-dong near Busan National University (Geumjeong-gu), Daeyeon-dong near Kyungsung and Pukyong universities (Nam-gu), and the Busan Station area in Dong-gu with its KTX connection.

Properties in these high-demand Busan areas typically stay listed for only 7 to 14 days, compared to the citywide average of about 21 days.

The rent premium for being within a 10-minute walk of a metro station or university campus in Busan runs about ₩50,000 to ₩100,000 per month ($40-$75 USD / €35-€70 EUR) compared to similar units farther away.

Which neighborhoods are most popular with expats in Busan right now?

The three neighborhoods most popular with expats in Busan are Centum City and Marine City in Haeundae-gu (offering modern high-rises and international amenities), Namcheon-dong in Suyeong-gu (near Gwangalli with a quieter family feel), and Seomyeon in Busanjin-gu (for those wanting central city convenience).

Expats in these Busan neighborhoods typically pay between ₩800,000 and ₩2,500,000 per month ($615-$1,920 USD / €570-€1,785 EUR), depending on family size and lifestyle preferences.

What attracts expats to these areas includes English-friendly services, international restaurants and grocery stores, proximity to Busan International Foreign School, modern building standards, and reliable high-speed internet.

The expat communities most represented in these Busan neighborhoods include Americans and Canadians (often English teachers or corporate workers), Chinese and Japanese professionals, and Europeans working in trade or manufacturing sectors.

And if you are also an expat, you may want to read our exhaustive guide for expats in Busan.

Who rents, and what do tenants want in Busan right now?

What tenant profiles dominate rentals in Busan?

The three tenant profiles that dominate Busan's rental market are university students (drawn by the city's large higher education footprint), young professionals working in central business districts, and families seeking more affordable space than Seoul offers.

In terms of market share, students account for roughly 30-35% of Busan rentals, young professionals represent about 35-40%, and families make up approximately 20-25%, with the remainder being short-stay corporate tenants and retirees.

Students typically seek furnished studios near campuses, young professionals look for modern 1-bedrooms near metro lines in areas like Seomyeon or Centum City, and families prioritize 2-3 bedroom apartments in school-friendly districts like Dongnae or Yeonje.

If you want to optimize your cashflow, you can read our complete guide on how to buy and rent out in Busan.

Do tenants prefer furnished or unfurnished in Busan?

In Busan, approximately 70% of tenants prefer unfurnished apartments (Korea's traditional norm), while about 30% actively seek furnished units, mostly students and expats.

Furnished apartments in Busan typically command a rent premium of ₩80,000 to ₩150,000 per month ($60-$115 USD / €55-€105 EUR) compared to equivalent unfurnished units.

Tenant profiles that tend to prefer furnished rentals in Busan include international students on short academic programs, expats on 1-2 year work contracts, and corporate short-stay tenants who don't want the hassle of buying and moving furniture.

Which amenities increase rent the most in Busan?

The five amenities that increase rent the most in Busan are ocean or beach views, in-building parking, new-build high-rise facilities (gym, lounge, security), proximity to a metro station (under 5 minutes walk), and high-quality air conditioning systems.

In terms of rent premiums, ocean views in Busan add ₩150,000-300,000 per month ($115-$230 USD / €105-€215 EUR), dedicated parking adds ₩50,000-100,000 ($40-$75 USD / €35-€70 EUR), modern building amenities add ₩100,000-200,000 ($75-$155 USD / €70-€145 EUR), metro proximity adds ₩50,000-100,000 ($40-$75 USD / €35-€70 EUR), and quality AC adds ₩30,000-50,000 ($25-$40 USD / €20-€35 EUR).

In our property pack covering the real estate market in Busan, we cover what are the best investments a landlord can make.

What renovations get the best ROI for rentals in Busan?

The five renovations that get the best ROI for rental properties in Busan are kitchen modernization (new cabinets and appliances), bathroom refresh (fixtures and tiling), air conditioning upgrade or installation, improved lighting and flooring, and sound insulation improvements in older buildings.

In Busan, a kitchen renovation typically costs ₩3,000,000-6,000,000 ($2,300-$4,600 USD / €2,140-€4,285 EUR) and can increase monthly rent by ₩50,000-100,000; bathroom updates cost ₩2,000,000-4,000,000 ($1,540-$3,075 USD / €1,430-€2,860 EUR) for ₩30,000-70,000 more rent; and AC installation runs ₩1,000,000-2,000,000 ($770-$1,540 USD / €715-€1,430 EUR) for ₩30,000-50,000 extra rent.

Renovations that tend to have poor ROI in Busan include luxury finishes that exceed neighborhood standards, custom built-ins that limit tenant flexibility, and expensive smart-home systems that typical renters don't value enough to pay premium rents for.

We did some research and made this infographic to help you quickly compare rental yields of the major cities in South Korea versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.

How strong is rental demand in Busan as of 2026?

What's the vacancy rate for rentals in Busan as of 2026?

As of January 2026, the estimated vacancy rate for rental properties in Busan is around 5%, indicating a relatively balanced market that slightly favors landlords in desirable areas.

Vacancy rates across Busan neighborhoods range from as low as 2-3% in high-demand areas like Seomyeon and Haeundae's coastal districts to 8-10% in older apartment complexes in less connected inland neighborhoods.

Compared to Busan's historical average of around 6-7% vacancy, the current 5% rate suggests demand has strengthened somewhat, driven by the ongoing shift from jeonse deposits to monthly rent arrangements.

Finally please note that you will have all the indicators you need in our property pack covering the real estate market in Busan.

How many days do rentals stay listed in Busan as of 2026?

As of January 2026, the average rental property in Busan stays listed for approximately 21 days before being leased.

Days on market in Busan range from about 7-14 days for well-priced units in prime locations like Haeundae, Suyeong, or near universities, up to 30-45 days for overpriced properties or older units in less desirable inland areas.

Compared to one year ago, the current 21-day average represents a slight improvement, as increased monthly-rent supply from jeonse conversions has been absorbed by steady demand from young professionals and students.

Which months have peak tenant demand in Busan?

The peak months for tenant demand in Busan are February through March and August through September, aligned with the Korean academic calendar and typical job start dates.

The specific factors driving these seasonal patterns include university semester starts in March and September, company hiring cycles that begin new employees in March, and the Korean tradition of moving during these transitional periods.

The lowest tenant demand in Busan occurs in June through July and November through December, when most leases are stable and few people are actively relocating, making these months more challenging for landlords seeking new tenants.

What will my monthly costs be in Busan as of 2026?

What property taxes should landlords expect in Busan as of 2026?

As of January 2026, landlords in Busan should expect to pay annual property holding taxes starting from around ₩300,000 ($230 USD / €215 EUR) for a modest apartment, though amounts vary significantly based on assessed property value.

The realistic range for annual property taxes in Busan spans from about ₩200,000 ($155 USD / €145 EUR) for older, lower-value units to ₩2,000,000+ ($1,540 USD / €1,430 EUR) for premium properties in Haeundae or multiple-property owners subject to higher rates.

Property taxes in Busan are calculated based on the government's assessed property value (not market value), with rates set by local authorities under national guidelines, and additional taxes may apply for owners with multiple properties or high-value holdings.

Please note that, in our property pack covering the real estate market in Busan, we cover what exemptions or deductions may be available to reduce property taxes for landlords.

What maintenance budget per year is realistic in Busan right now?

A realistic annual maintenance budget for a typical rental apartment in Busan is between ₩1,500,000 and ₩3,000,000 ($1,155-$2,310 USD / €1,070-€2,140 EUR), covering routine repairs, appliance upkeep, and minor refreshes.

The realistic range for annual maintenance in Busan spans from about ₩1,000,000 ($770 USD / €715 EUR) for newer buildings in good condition to ₩4,000,000+ ($3,075 USD / €2,860 EUR) for older properties, coastal buildings with salt and humidity wear, or units requiring more frequent turnover preparation.

Landlords in Busan typically set aside 10-15% of annual rental income for maintenance, which works out to roughly 1-2 months' rent reserved for repairs and upkeep each year.

What utilities do landlords often pay in Busan right now?

In Busan, landlords most commonly pay building management fees (gwanlibi) when offering furnished or serviced units, while tenants typically cover electricity, gas, water, and internet for standard unfurnished apartments.

When landlords do cover utilities in Busan (mainly for furnished short-stays), monthly costs typically run ₩100,000-200,000 ($75-$155 USD / €70-€145 EUR) for electricity, ₩50,000-100,000 ($40-$75 USD / €35-€70 EUR) for gas, and ₩30,000-50,000 ($25-$40 USD / €20-€35 EUR) for water, though these vary heavily by usage.

The common practice in Busan is for tenants to pay all utilities directly to providers, with landlords only covering the building's common-area management fee if it's bundled into the rent for short-term or serviced arrangements.

How is rental income taxed in Busan as of 2026?

As of January 2026, rental income in Busan is taxed as part of your overall income under Korea's progressive tax system, with rates ranging from 6% to 45% depending on your total annual income bracket.

Main deductions Busan landlords can claim against rental income include property depreciation, mortgage interest, repair and maintenance costs, property taxes paid, and insurance premiums directly related to the rental property.

A common tax mistake specific to Busan landlords is failing to properly report jeonse-to-monthly-rent conversions, which can trigger rental income tax obligations that didn't exist when the property was leased purely on deposit.

We cover these mistakes, among others, in our list of risks and pitfalls people face when buying property in Busan.

We made this infographic to show you how property prices in South Korea compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.

What sources have we used to write this blog article?

Whether it's in our blog articles or the market analyses included in our property pack about Busan, we always rely on the strongest methodology we can … and we don't throw out numbers at random.

We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.

Source	Why It's Authoritative	How We Used It
Statistics Korea (KOSIS)	It's Korea's official government statistics portal providing verified national and regional data.	We used it to ground our analysis in official housing and demographic statistics. We also cross-checked private indicators against KOSIS data to avoid sampling bias.
Statistics Korea Census Portal	It publishes official census outputs that form the backbone of housing stock data in Korea.	We used it to support vacancy and empty-housing context for Busan. We referenced it to explain why some areas can feel oversupplied even when rental demand appears healthy.
Bank of Korea (BOK)	It's Korea's central bank and the official source for policy interest rate decisions.	We used it to explain why deposit-heavy leases and monthly rents move with interest-rate changes. We also shaped our 2026 outlook based on rate-driven pressure on monthly rents.
Korea Legislation Research Institute (KLRI)	It's an official repository of Korean statutes and decrees available in English.	We used it to reference the legal framework governing deposit-to-rent conversion calculations. We kept our explanations legally accurate rather than relying on informal blog sources.
Korea Real Estate Board (REB)	REB is the key public institution monitoring real estate statistics and market trends in Korea.	We used it as the anchor institution behind official rent indices and market monitoring language. We justified using REB-derived statistics instead of informal property portals.
Korea Open Data Portal (REB API)	It's an official open-data listing describing REB's published statistics coverage.	We used it to verify that rent-related indices and transaction indicators exist as standardized data series. We supported our triangulation approach with this confirmation.
MOLIT Real Transaction Price Disclosure System	It's the official Ministry system for disclosed property transaction data including rental contracts.	We used it to frame rents as what tenants actually signed rather than just asking prices. We guided our estimates toward transaction-realistic ranges by unit type.
Open Data Portal (MOLIT Apartment Data)	It's a government open-data page describing downloadable MOLIT transaction datasets.	We used it to validate that rent transaction data can be filtered by region and time period. We anchored our estimates to official transaction systems rather than crowdsourced websites.
RTMS (Real Estate Transaction Management System)	It's the official system behind Korea's property transaction reporting framework.	We used it to reinforce that rent transactions in Korea are reported via official infrastructure. We explained why transaction-based measures are the most reliable source for rent levels.
KEPCO (Korea Electric Power Corporation)	KEPCO is Korea's national electricity utility and publishes official tariff tables.	We used it to estimate electricity as a monthly operating cost for landlords and tenants. We showed how costs rise with usage tiers in our monthly costs section.
National Tax Service (NTS)	It's Korea's tax authority and publishes official taxpayer guidance.	We used it to keep rental-income taxation guidance anchored to the official source. We structured the tax section conservatively and correctly based on NTS guidance.
Ministry of the Interior and Safety (MOIS)	MOIS oversees local government administration including property tax policy context.	We used it to anchor the fact that property taxes are local taxes administered at the correct government level. We used it as a credibility check when summarizing tax expectations.
Global Property Guide	It's a widely cited reference site that compiles international tax rules into readable investor guides.	We used it to cross-check the structure of property-related taxes and compliance mechanics. We only used it as secondary confirmation after consulting government sources.
Chosun Biz	It's a major Korean national newspaper that explained the jeonse-to-monthly conversion concept clearly.	We used it for a plain-English explanation of how the conversion rate works in practice. We only referenced it for explanatory context, not as a primary legal source.