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Jeju Island's rental market in September 2025 offers diverse opportunities for both investors and residents looking to understand rental costs.
The island's property market shows clear variations between urban centers like Jeju City and tourist-focused areas like Seogwipo, with rental prices ranging from budget-friendly studios at ₩62,500 per month to luxury coastal villas exceeding ₩2,000,000 monthly. Understanding these rental dynamics is crucial for anyone considering property investment or relocation to South Korea's premier island destination.
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Jeju Island rental prices vary significantly by location and property type, with Jeju City center apartments averaging ₩669,000 monthly for one-bedroom units and coastal luxury villas reaching ₩2,500,000 or more.
The island offers strong rental yields of 3-8% depending on strategy, with short-term vacation rentals in tourist zones providing higher returns than long-term residential lets in urban areas.
| Property Type | Jeju City Center | Seogwipo/Coastal | Monthly Yield Range |
|---|---|---|---|
| 1-Bedroom Apartment | ₩669,000 | ₩520,000-₩650,000 | 3-7% |
| 3-Bedroom Apartment | ₩1,400,000 | ₩1,150,000+ | 4-6% |
| 3-Bedroom House | ₩822,000-₩982,000 | ₩700,000-₩950,000 | 4-6% |
| Luxury Villa | ₩2,000,000+ | ₩2,500,000+ | 6-8% |
| Studio Apartment | ₩400,000 | ₩350,000-₩450,000 | 3-5% |
| Commercial Space | Premium rates | Tourist-focused rates | 5-9% |
| Total Cost (incl. utilities) | +₩145,000-₩260,000 | +₩120,000-₩200,000 | Varies |
What are the current average rents in Jeju Island by property type?
As of September 2025, Jeju Island rental prices show clear segmentation across different property categories.
One-bedroom apartments in Jeju City center average ₩669,000 per month, while the broader Jeju City area sees apartments renting for ₩687,600 monthly on average. The range spans from ₩62,500 for very small or peripheral units up to ₩1,916,666 for luxury or large apartments.
Three-bedroom apartments command significantly higher rents, averaging ₩1,400,000 monthly in Jeju City center. Houses and villas in the three-bedroom category typically rent for ₩822,000 to ₩982,000 per month within the city limits. Premium coastal villas can exceed ₩2,000,000 monthly, particularly those offering ocean views or located in high-tourism zones.
Commercial spaces in urban business districts like Nohyeong-dong command premium rates that rival parts of Seoul's Gangnam district, reflecting the island's growing economic importance.
Studio apartments represent the most affordable entry point, ranging from ₩62,500 in peripheral areas to approximately ₩400,000 in city centers.
How do rental prices vary across Jeju's main areas?
Jeju Island's rental market displays significant geographic price variations that reflect each area's unique characteristics and demand drivers.
Jeju City center commands the highest rents for standard residential properties, with one-bedroom apartments at ₩669,000 and three-bedroom units reaching ₩1,400,000 monthly. The outer areas of Jeju City offer more affordable options, with one-bedroom apartments starting around ₩625,000 and three-bedroom units from ₩1,200,000.
Seogwipo presents lower entry prices but strong tourism-driven potential, with one-bedroom apartments ranging from ₩520,000 to ₩650,000 and three-bedroom units starting at ₩1,150,000. The city's appeal to tourists creates opportunities for higher short-term rental yields.
Coastal towns command premium pricing due to their scenic locations and tourism appeal. One-bedroom apartments range from ₩580,000 to ₩800,000, while three-bedroom houses can reach ₩1,300,000 to ₩2,500,000 monthly, particularly for properties with ocean views or direct beach access.
Rural and inland areas offer the most affordable options but face higher vacancy rates and lower demand, making them less attractive for investment purposes.
What rental costs should I expect based on property size?
Property size directly correlates with rental pricing across Jeju Island, with clear distinctions between compact urban living and spacious family accommodations.
Small studios typically measuring 18-28 square meters range from ₩62,500 monthly in peripheral zones to ₩400,000 in prime city center locations. These units appeal primarily to single professionals, students, or budget-conscious renters.
Family-sized homes spanning 80-120 square meters with three or more bedrooms start from ₩750,000 monthly, with most quality properties commanding ₩1,200,000 or more. Luxury homes and villas in this size category, particularly those near beaches or in Seogwipo's resort zones, frequently surpass ₩2,000,000 monthly.
Vacation rental properties in the 80-100 square meter range typically charge ₩90-₩120 per night, translating to weekly rentals of ₩600,000-₩840,000. Peak season rates command significant premiums above these baseline figures.
The size premium reflects not just square footage but also the quality of finishes, location advantages, and amenities that typically accompany larger properties on the island.
What are the total monthly costs including all fees and utilities?
| Cost Component | Monthly Range | Notes |
|---|---|---|
| Base Rent | ₩62,500-₩2,500,000+ | Varies by location and property type |
| Maintenance Fees | ₩25,000-₩80,000 | Higher for luxury condos/houses |
| Utilities (electricity, gas, water, internet) | ₩120,000-₩180,000 | Seasonal variation for heating/cooling |
| Property Tax (owner responsibility) | ₩3,300-₩15,000 | Annual: ₩40,000-₩180,000 |
| Total for 1BR Jeju City | ₩800,000+ | Including all fees and utilities |
| Total for 3BR House | ₩1,300,000+ | Including all fees and utilities |
| Rental Income Tax | Variable | Withholding and tax rules apply for owners |
How do mortgage payments compare to rental income potential?
The relationship between mortgage costs and rental income on Jeju Island requires careful analysis for investment viability.
A typical mortgage for a ₩200 million property at 3.0% interest over 20 years results in monthly payments of approximately ₩950,000 for principal and interest combined. This financing cost often exceeds the rental income from a standard one-bedroom apartment in Jeju City, which averages ₩669,000 monthly.
The rental yield gap means that most new property purchases require substantial down payments to achieve positive cash flow. Long-term rental properties in urban zones typically generate 3-5% annual yields, while short-term vacation properties in tourist zones can achieve 6-8% yields with proper management.
Investors seeking immediate cash flow should target high-yield vacation rental properties or consider purchasing properties that can command premium rents through superior location or amenities. The mortgage-to-rent ratio improves significantly with larger down payments or properties that can command above-average rental rates.
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What are the best rental strategies for short-term versus long-term rentals?
Jeju Island's rental market supports both short-term and long-term strategies, each with distinct advantages and target areas.
Short-term vacation rental strategies work best in coastal towns, Seogwipo, and beachfront properties where tourism demand drives premium pricing. Successful operators use platforms like Airbnb and Booking.com to achieve yields up to 8% annually with proper management during peak seasons. Properties with ocean views, proximity to attractions, and high-quality amenities command the highest short-term rates.
Long-term rental strategies focus on urban apartments in Jeju City, where stable year-round demand from locals, expats, and professionals provides consistent income. These properties typically offer lower vacancy rates and more predictable cash flow, generating yields of 3-5% annually. Target tenants include stable workers, retirees, and long-term expats seeking quality housing.
Hybrid approaches combine long-term base tenants with peak season short-term rentals to maximize both occupancy rates and annual yields. This strategy requires more hands-on management but can optimize revenue across different seasonal demand patterns.
Location selection should align with strategy, as tourist zones excel for short-term rentals while urban centers provide long-term rental stability.
Can you provide specific examples of current rental prices?
Current Jeju Island rental examples demonstrate the market's diversity and pricing structure as of September 2025.
A modern one-bedroom apartment in Jeju City center currently rents for ₩669,000 monthly, representing the standard for quality urban housing. Three-bedroom houses in central locations command ₩950,000 to ₩1,200,000 monthly, depending on specific amenities and exact location.
Luxury coastal villas with three bedrooms and ocean views exceed ₩2,500,000 monthly for long-term rentals, or ₩150,000 to ₩250,000 nightly for vacation rentals. These premium properties target affluent tenants and high-end tourism markets.
Commercial retail spaces in business districts like Nohyeong-dong vary significantly based on size and visibility, with premium locations commanding rates comparable to top Korean metropolitan districts. Small retail spaces start around ₩1,000,000 monthly, while prime locations can exceed ₩5,000,000.
Budget options include peripheral studios at ₩62,500 monthly and older apartments in outer Jeju City areas starting around ₩400,000 for one-bedroom units.
Who are the typical renters in Jeju Island's market?
Jeju Island's rental market serves diverse tenant profiles that shape demand patterns and rental strategies.
Local residents form the majority of long-term rental tenants, particularly in apartment complexes and standard housing throughout the island. This demographic provides stable, consistent demand for conventional rental properties in urban and suburban areas.
Digital nomads and expatriates represent a growing segment favoring flexible lease terms, modern amenities, and coastal or convenient urban locations. This group often seeks mid-term stays ranging from several months to a few years and willingly pays premiums for quality housing and reliable internet connectivity.
Long-term expat residents and retirees show strong demand for family homes, villas, and properties in quieter neighborhoods with high-quality living standards. They typically seek longer lease terms and value property maintenance, safety, and community amenities.
Students constitute a smaller segment compared to mainland Korea, concentrated near educational institutions, but their demand focuses primarily on affordable apartments and shared housing options.
Vacation rental guests include domestic Korean tourists, international visitors, and business travelers seeking short-term accommodations ranging from weekend stays to extended holiday rentals.
What are the current vacancy rates across different property types?
Vacancy rates on Jeju Island vary significantly by property type and location, reflecting different demand dynamics across market segments.
Jeju City apartments maintain low vacancy rates of approximately 4-6%, indicating strong demand for urban residential properties. This tight market supports steady rental income and reflects the area's role as the island's economic center.
Seogwipo and tourist zones experience seasonal vacancy fluctuations, with rates ranging from 10-20% during off-peak periods to nearly zero occupancy during peak tourism seasons. Property owners in these areas must plan for seasonal income variations and higher marketing costs during slower periods.
Rural and inland properties face the highest vacancy challenges, with rates reaching 20% or higher, particularly in aging communities with declining populations. These areas require careful evaluation for investment purposes due to limited rental demand and longer tenant acquisition periods.
Luxury properties and coastal villas maintain moderate vacancy rates but command premium rents when occupied, making them viable for investors willing to accept occasional vacant periods in exchange for higher per-unit returns.
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What rental yields can I realistically expect by property type and area?
Rental yields on Jeju Island vary considerably based on property type, location, and rental strategy, with clear patterns emerging across different market segments.
Jeju City apartments generate steady long-term yields of 3-5% annually, with short-term rental conversions potentially increasing yields to 5-7%. The urban market's stability makes these properties suitable for conservative investment approaches seeking predictable returns.
Seogwipo and coastal properties offer higher yield potential, with long-term rentals generating 4-6% annually and well-managed short-term vacation rentals achieving 6-8% or higher during peak seasons. These properties require more active management but reward investors with superior returns.
Inland rural properties typically underperform with yields of 2-4% for long-term rentals and below 5% for short-term attempts, reflecting limited demand and higher vacancy risks in these areas.
Luxury coastal villas and premium properties can achieve yields of 6-8% through high-end vacation rental strategies, though they require significant capital investment and professional management to reach optimal performance levels.
Commercial properties in prime business districts can generate yields of 5-9%, depending on tenant quality and lease terms, with restaurant and retail spaces in tourist areas commanding premium rates during peak seasons.
How have rents and yields changed over recent years and what's the forecast?
Jeju Island's rental market has experienced steady growth over the past five years, with distinct trends emerging across different time periods.
Over the past five years since 2020, urban apartments have appreciated 17-22% overall, while rental rates have increased 12-18%. Tourist zone properties and short-term rental yields have outpaced traditional residential rental growth, driven by increased domestic tourism and international visitor recovery.
The past year has seen more modest growth, with apartments gaining 0.21% weekly and transaction volumes increasing 6% for residential properties and 9% for apartments specifically. Annual rental increases have averaged approximately 3%, reflecting market stabilization after earlier rapid growth.
One to five-year forecasts indicate continued sustainable growth driven by steady urbanization and infrastructure development. Rental yields are expected to remain attractive for both long-term and short-term strategies, supported by Jeju's growing appeal as a domestic tourism destination.
Ten-year projections suggest that rural and inland areas may experience slower growth due to demographic aging, while urban and tourist zones should maintain resilience as South Korea's domestic tourism sector expands and infrastructure projects enhance connectivity.
Market analysts expect yield compression in the most popular areas but predict that proper property selection and management will continue generating attractive returns for informed investors.
How do Jeju's rental levels compare with other Asian cities?
Jeju Island's rental market positioning within the broader Asian context reveals both competitive advantages and regional variations.
Compared to major Korean cities, Jeju offers more affordable rental options than Seoul and maintains competitive pricing versus provincial cities like Busan and Daegu. However, the island's vacation rental yields generally exceed those of mainland urban centers due to consistent tourism demand and limited supply of quality vacation properties.
Against international Asian destinations, Jeju provides better value than many upscale resort areas in Bali or Okinawa's core zones, particularly for long-term apartments and family housing. The island's infrastructure quality and legal framework offer additional advantages over some emerging Southeast Asian markets.
Rental yields on Jeju Island typically outperform those in Tokyo and Hong Kong residential markets, while offering more accessible entry points for foreign investors compared to Singapore's restrictive market conditions. The island's combination of tourism appeal and residential stability creates a unique market position.
Regional comparison shows Jeju's vacation rental market competing effectively with established Asian resort destinations while offering greater price transparency and regulatory clarity than many alternative markets. Long-term rental stability exceeds that of pure tourism-dependent markets in the region.
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Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Jeju Island's rental market in September 2025 presents a mature and diversified opportunity for both investors and residents.
The market offers clear segmentation between stable urban rentals yielding 3-5% annually and higher-potential vacation rentals achieving 6-8% returns, with geographic pricing variations reflecting each area's unique demand drivers and tourism appeal.