Authored by the expert who managed and guided the team behind the South Korea Property Pack
Yes, the analysis of Jeju Island's property market is included in our pack
If you're thinking about renting out property in Jeju Island, you probably want to know what tenants are actually paying right now.
We've put together the most up-to-date rental data for Jeju Island in 2026, and we keep this blog post constantly refreshed so you always have current numbers.
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 Jeju Island.
Insights
- Around 80% of Jeju Island rental contracts are now monthly-style leases (wolse), which is significantly higher than the mainland Korean average and reflects a local preference for flexible rental terms.
- Studios in Jeju City's Yeon-dong neighborhood rent for KRW 500,000 to 700,000 per month, roughly 15% to 25% more than similar units in Seogwipo, due to airport proximity and employment density.
- Jeju Island rents have grown only 1% to 3% year-over-year in early 2026, a slower pace than Seoul, because new apartment supply periodically outpaces local absorption.
- Properties near Jeju International Airport in Yongdam-dong and Dodu-dong rent 10 to 20 days faster than the island average, driven by airport-related employment and easy mobility.
- Expat families cluster heavily around Daejeong-eup near "English Education City," where international school access pushes 2-bedroom rents above KRW 1.2 million per month.
- Parking availability adds a measurable rent premium in Jeju Island because the island is highly car-dependent, unlike transit-rich Seoul or Busan.
- Vacancy rates in Jeju Island range from 5% to 8% overall, but peripheral coastal areas can see vacancies above 10% when new supply doesn't absorb quickly.
- Peak rental demand in Jeju Island hits in February-March and August-September, aligned with Korea's school year and job rotation cycles.
- Moisture and insulation upgrades deliver the best renovation ROI in Jeju Island because the island's humid coastal climate makes these improvements immediately noticeable to tenants.
- Landlords in Jeju Island typically budget 0.6% to 1.2% of property value per year for maintenance, with coastal properties requiring slightly higher reserves due to salt air corrosion.
What are typical rents in Jeju Island as of 2026?
What's the average monthly rent for a studio in Jeju Island as of 2026?
As of early 2026, the average monthly rent for a studio apartment in Jeju Island is around KRW 540,000 (approximately $400 USD or €370 EUR).
Most studio rentals in Jeju Island fall within a realistic range of KRW 350,000 to 700,000 per month ($260 to $520 USD, or €240 to €480 EUR), depending on location and building quality.
The main factors that cause studio rents to vary in Jeju Island include proximity to Jeju City's central districts like Yeon-dong, building age and condition, and whether the unit comes furnished or includes appliances.
What's the average monthly rent for a 1-bedroom in Jeju Island as of 2026?
As of early 2026, the average monthly rent for a 1-bedroom apartment in Jeju Island is around KRW 700,000 (approximately $520 USD or €480 EUR).
Most 1-bedroom rentals in Jeju Island fall within a realistic range of KRW 500,000 to 950,000 per month ($370 to $700 USD, or €345 to €655 EUR), with newer buildings commanding the upper end.
In Jeju Island, the cheapest 1-bedroom rents are typically found in older buildings farther from Jeju City's core, while the highest rents cluster in convenient neighborhoods like Yeon-dong, Nohyeong-dong, and Ido-dong where employment and services concentrate.
What's the average monthly rent for a 2-bedroom in Jeju Island as of 2026?
As of early 2026, the average monthly rent for a 2-bedroom apartment in Jeju Island is around KRW 1,000,000 (approximately $740 USD or €690 EUR).
Most 2-bedroom rentals in Jeju Island fall within a realistic range of KRW 800,000 to 1,400,000 per month ($590 to $1,040 USD, or €550 to €965 EUR), though premium coastal or resort-adjacent units can push above KRW 1,500,000.
In Jeju Island, the most affordable 2-bedroom rents are found in older stock in Seogwipo's residential pockets like Seohong-dong, while the most expensive 2-bedrooms are in newer Jeju City apartments in Nohyeong-dong and Ara-dong, or in select Jungmun-dong units with ocean views.
By the way, you will find much more detailed rent ranges in our property pack covering the real estate market in Jeju Island.
What's the average rent per square meter in Jeju Island as of 2026?
As of early 2026, the average rent per square meter in Jeju Island is around KRW 19,000 (approximately $14 USD or €13 EUR) per month.
Across different Jeju Island neighborhoods, the realistic range for rent per square meter runs from KRW 16,000 to 22,000 ($12 to $16 USD, or €11 to €15 EUR), with central Jeju City areas at the higher end and more rural or coastal locations at the lower end.
Compared to Seoul, where rent per square meter can exceed KRW 35,000 in popular districts, Jeju Island remains significantly more affordable, though it sits higher than many other Korean provincial areas due to its tourism-driven economy and island logistics.
In Jeju Island, properties that push rent per square meter above average typically feature newer construction, ocean views, quality building management, and dedicated parking, all of which matter more here than in mainland cities.
How much have rents changed year-over-year in Jeju Island in 2026?
As of early 2026, average rents in Jeju Island have increased by approximately 1% to 3% compared to January 2025, with Jeju City's most convenient neighborhoods at the upper end of that range.
The main factors driving this modest rent growth in Jeju Island include steady local employment demand, continued lifestyle migration to the island, and the ongoing shift from jeonse (large deposit) to wolse (monthly rent) lease structures.
This year's rent change in Jeju Island is similar to 2025's pattern, where growth was capped by periodic new apartment supply that absorbed some demand pressure and prevented the sharper increases seen in mainland Korean cities.
What's the outlook for rent growth in Jeju Island in 2026?
As of early 2026, projected rent growth for Jeju Island is flat to modestly positive, in the range of 0% to 3% for the year, with bigger variations neighborhood-by-neighborhood than month-by-month.
The key factors likely to influence Jeju Island rent growth include interest rate movements from the Bank of Korea (which affect how landlords structure jeonse versus wolse leases), local employment trends tied to tourism and services, and new apartment supply entering the market.
Neighborhoods in Jeju Island expected to see the strongest rent growth are Yeon-dong and Nohyeong-dong in Jeju City, where employment density and convenience amenities continue to attract steady tenant demand.
Risks that could cause Jeju Island rent growth to differ from projections include a sharper-than-expected economic slowdown affecting tourism employment, a sudden surge of new apartment completions, or significant shifts in interest rates that change landlord and tenant preferences for lease structure.
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Which neighborhoods rent best in Jeju Island as of 2026?
Which neighborhoods have the highest rents in Jeju Island as of 2026?
As of early 2026, the three neighborhoods with the highest average rents in Jeju Island are Yeon-dong (around KRW 750,000 or $555 USD/€515 EUR for a 1-bedroom), Nohyeong-dong (around KRW 700,000 or $520 USD/€480 EUR), and Jungmun-dong in Seogwipo (around KRW 680,000 or $505 USD/€470 EUR for resort-adjacent units).
These Jeju Island neighborhoods command premium rents because they offer the best combination of airport access, employment concentration, modern apartment stock, and daily convenience services like shopping, restaurants, and medical facilities.
The tenant profile that typically rents in these high-rent Jeju Island neighborhoods includes corporate transferees, public-sector workers on rotation, higher-income local professionals, and expats seeking convenient urban living with reliable services.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Jeju Island.
Where do young professionals prefer to rent in Jeju Island right now?
The top three neighborhoods where young professionals prefer to rent in Jeju Island are Yeon-dong for its central lifestyle and services, Nohyeong-dong for its newer apartments and shopping options, and Ido2-dong for its practical commute patterns and affordability balance.
Young professionals in these Jeju Island neighborhoods typically pay monthly rents ranging from KRW 450,000 to 700,000 ($335 to $520 USD, or €310 to €480 EUR) for studios and 1-bedroom apartments.
What attracts young professionals to these Jeju Island neighborhoods includes walkable access to cafes, restaurants, and nightlife, easy bus connections across the island, proximity to major employers, and a good selection of furnished or semi-furnished units that suit mobile lifestyles.
By the way, you will find a detailed tenant analysis in our property pack covering the real estate market in Jeju Island.
Where do families prefer to rent in Jeju Island right now?
The top three neighborhoods where families prefer to rent in Jeju Island are Ara-dong and Nohyeong-dong in Jeju City for their larger apartment stock, and Donghong-dong in Seogwipo for its family-oriented amenities and daily convenience.
Families in these Jeju Island neighborhoods typically pay monthly rents ranging from KRW 900,000 to 1,300,000 ($665 to $965 USD, or €620 to €895 EUR) for 2-3 bedroom apartments.
What makes these Jeju Island neighborhoods attractive to families includes access to quality schools, larger apartment layouts with multiple bedrooms, safe and quiet residential environments, nearby parks, and practical daily amenities like grocery stores and medical clinics.
Top-rated schools near these family-friendly Jeju Island neighborhoods include Jeju National University Laboratory School near Ara-dong, and several well-regarded elementary and middle schools in the Nohyeong-dong and Donghong-dong areas that serve the local community.
Which areas near transit or universities rent faster in Jeju Island in 2026?
As of early 2026, the three areas that rent fastest in Jeju Island are Yongdam-dong and Dodu-dong near Jeju International Airport, and Ara-dong near Jeju National University, all of which benefit from concentrated employment or student demand.
In these high-demand Jeju Island areas, properties typically stay listed for only 10 to 25 days, compared to the island-wide average of 25 to 40 days for similar unit types.
The rent premium for properties within walking distance of Jeju's airport transit hub or the university area runs about KRW 50,000 to 100,000 per month ($37 to $74 USD, or €35 to €69 EUR) above comparable units in less connected locations.
Which neighborhoods are most popular with expats in Jeju Island right now?
The top three neighborhoods most popular with expats in Jeju Island are Jungmun-dong in Seogwipo for its resort amenities and international atmosphere, Daejeong-eup near "English Education City" for international school access, and Yeon-dong in Jeju City for urban convenience and services.
Expats in these Jeju Island neighborhoods typically pay monthly rents ranging from KRW 800,000 to 1,500,000 ($590 to $1,110 USD, or €550 to €1,035 EUR), with the higher end reflecting larger family units near international schools.
What makes these Jeju Island neighborhoods attractive to expats includes English-speaking services, international school proximity, communities of other foreign residents, quality housing stock, and access to amenities that cater to non-Korean lifestyles.
The nationalities most represented in these Jeju Island expat neighborhoods include Americans, Chinese, and other East Asians drawn by the international school ecosystem, as well as Europeans and various Asian nationalities attracted by Jeju's lifestyle and relatively easy visa access.
And if you are also an expat, you may want to read our exhaustive guide for expats in Jeju Island.
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Who rents, and what do tenants want in Jeju Island right now?
What tenant profiles dominate rentals in Jeju Island?
The top three tenant profiles that dominate the rental market in Jeju Island are local households renting for affordability or flexibility, service and tourism industry workers seeking convenient housing near employment, and public-sector transferees or corporate rotation workers who need quality apartments for fixed terms.
In Jeju Island, local households represent roughly 50% to 60% of long-term renters, service and tourism workers account for about 25% to 30%, and transferees plus corporate renters make up around 15% to 20% of the market.
Local households in Jeju Island typically seek affordable 1-2 bedroom apartments, service workers often prefer studios or small 1-bedrooms near central Jeju City, and corporate transferees usually look for newer 2-bedroom apartments with modern finishes and good building management.
If you want to optimize your cashflow, you can read our complete guide on how to buy and rent out in Jeju Island.
Do tenants prefer furnished or unfurnished in Jeju Island?
In Jeju Island, approximately 60% to 70% of tenants prefer unfurnished apartments for standard family units, while around 30% to 40% prefer furnished or semi-furnished options, especially in the studio and 1-bedroom segment.
The typical rent premium for furnished apartments in Jeju Island is around KRW 50,000 to 150,000 per month ($37 to $110 USD, or €35 to €105 EUR), depending on the quality and completeness of the furnishing package.
Tenant profiles that tend to prefer furnished rentals in Jeju Island include short-term corporate transferees, expats arriving without household goods, young professionals who value move-in convenience, and tourism workers who may relocate seasonally.
Which amenities increase rent the most in Jeju Island?
The top five amenities that increase rent the most in Jeju Island are dedicated parking (essential in car-dependent Jeju), newer building construction with good insulation, ocean or mountain views, quality building management services, and in-unit air conditioning and heating systems.
In Jeju Island, parking can add KRW 30,000 to 80,000 per month ($22 to $60 USD), newer construction quality adds KRW 50,000 to 150,000 ($37 to $110 USD), desirable views add KRW 100,000 to 300,000 ($74 to $220 USD), good building management adds KRW 30,000 to 70,000 ($22 to $52 USD), and quality climate control systems add KRW 20,000 to 50,000 ($15 to $37 USD).
In our property pack covering the real estate market in Jeju Island, we cover what are the best investments a landlord can make.
What renovations get the best ROI for rentals in Jeju Island?
The top five renovations that get the best ROI for rental properties in Jeju Island are moisture and insulation improvements, bathroom refreshes with ventilation upgrades, kitchen usability upgrades (storage and countertops), appliance packages for studios and 1-bedrooms (washer, fridge, AC), and flooring replacement in older units.
In Jeju Island, moisture and insulation fixes typically cost KRW 2 to 5 million ($1,480 to $3,700 USD) and can boost rent by KRW 50,000 to 100,000 per month, bathroom upgrades cost KRW 3 to 8 million ($2,220 to $5,920 USD) for a KRW 40,000 to 80,000 monthly increase, kitchen improvements cost KRW 2 to 6 million ($1,480 to $4,440 USD) for a KRW 30,000 to 70,000 increase, appliance packages cost KRW 1.5 to 3 million ($1,110 to $2,220 USD) for a KRW 30,000 to 60,000 increase, and flooring costs KRW 2 to 5 million ($1,480 to $3,700 USD) for a KRW 30,000 to 50,000 increase.
Renovations that tend to have poor ROI in Jeju Island and should be avoided include luxury cosmetic upgrades that exceed neighborhood standards, overly personalized design choices, and high-end smart home systems that most Jeju tenants don't prioritize over practical climate comfort.
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How strong is rental demand in Jeju Island as of 2026?
What's the vacancy rate for rentals in Jeju Island as of 2026?
As of early 2026, the overall vacancy rate for rental properties in Jeju Island is estimated at around 5% to 8%, which reflects a generally healthy rental market with pockets of softer demand.
Across different Jeju Island neighborhoods, vacancy rates range from as low as 3% to 4% in high-demand Jeju City core areas like Yeon-dong and Nohyeong-dong, to as high as 10% to 12% in some peripheral coastal areas or newly supplied apartment complexes.
The current vacancy rate in Jeju Island is roughly in line with its historical average, though periods of new apartment delivery can temporarily push vacancy higher, as seen in some official absorption reports for the island.
Finally please note that you will have all the indicators you need in our property pack covering the real estate market in Jeju Island.
How many days do rentals stay listed in Jeju Island as of 2026?
As of early 2026, the average number of days rentals stay listed in Jeju Island is approximately 25 to 35 days for typical apartments, though this varies significantly by location and property type.
Across Jeju Island, days on market ranges from as few as 10 to 20 days for well-priced studios in central Jeju City, to 45 to 70 days for larger units in peripheral areas or properties priced at vacation-rental levels that don't match long-term tenant expectations.
The current days-on-market figure in Jeju Island is similar to one year ago, reflecting stable overall demand that hasn't dramatically shifted despite modest rent growth and periodic new supply entering the market.
Which months have peak tenant demand in Jeju Island?
The peak months for tenant demand in Jeju Island are February through March and August through September, which align with Korea's traditional moving seasons tied to school years and workplace rotations.
The specific factors driving seasonal demand patterns in Jeju Island include the start of the school year in March, corporate and government job transfers that often take effect in February and September, and lease renewal cycles that cluster around these periods.
The months with the lowest tenant demand in Jeju Island are typically November through January and June through July, when fewer households relocate and the market tends to slow down between the major moving seasons.
Don't buy the wrong property, in the wrong area of Jeju Island
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What will my monthly costs be in Jeju Island as of 2026?
What property taxes should landlords expect in Jeju Island as of 2026?
As of early 2026, landlords in Jeju Island should expect to pay annual property taxes equivalent to roughly KRW 50,000 to 300,000 per month (KRW 600,000 to 3,600,000 per year, or approximately $445 to $2,665 USD annually, €415 to €2,480 EUR), depending on property value and ownership situation.
Across Jeju Island, the realistic range of annual property taxes runs from under KRW 500,000 ($370 USD) for modest apartments to over KRW 5,000,000 ($3,700 USD) for higher-value properties, with multi-home owners potentially facing additional Comprehensive Real Estate Holding Tax if they exceed national thresholds.
Property taxes in Jeju Island are calculated based on the officially assessed value of the property, with the local property tax (jaesanse) billed by the local government, and rates that vary depending on property type, assessed value brackets, and whether the owner holds multiple properties.
Please note that, in our property pack covering the real estate market in Jeju Island, we cover what exemptions or deductions may be available to reduce property taxes for landlords.
What maintenance budget per year is realistic in Jeju Island right now?
A realistic annual maintenance budget for a typical rental property in Jeju Island is around KRW 2,400,000 to 4,800,000 (approximately $1,780 to $3,555 USD or €1,655 to €3,310 EUR), based on the common rule of 0.6% to 1.2% of property value per year.
Across Jeju Island, the realistic range of annual maintenance costs runs from KRW 1,500,000 ($1,110 USD) for newer buildings in good condition to KRW 6,000,000 or more ($4,440 USD) for older coastal properties that face higher wear from humidity and salt air exposure.
Landlords in Jeju Island typically set aside 8% to 12% of gross rental income for maintenance reserves, which accounts for routine repairs, seasonal climate-related issues, and building management fees that are common in Korean apartment complexes.
What utilities do landlords often pay in Jeju Island right now?
In Jeju Island, the utilities that landlords most commonly pay on behalf of tenants are limited, typically including only building sinking fund contributions or owner-side management fees, while tenants usually handle all consumption-based utilities.
When landlords in Jeju Island do cover utilities (mainly in furnished short-term or corporate rentals), the typical monthly cost runs KRW 100,000 to 200,000 ($74 to $148 USD, or €69 to €138 EUR) for combined electricity, gas, water, and internet, though this varies by season and usage.
The common practice in Jeju Island for long-term rentals (wolse) is that tenants pay for electricity, gas, water, and internet directly, while landlords are responsible only for any owner-assessed building management fees and major repairs to landlord-owned appliances if the unit is furnished.
How is rental income taxed in Jeju Island as of 2026?
As of early 2026, rental income in Jeju Island is taxed as part of Korea's progressive income tax system, with rates ranging from 6% to 45% depending on total taxable income, and landlords must report net rental profits after allowable deductions.
The main deductions landlords can claim against rental income in Jeju Island include property depreciation, mortgage interest, property taxes paid, maintenance and repair costs, insurance, and management fees, all of which reduce the taxable portion of rental income.
A common tax mistake that landlords in Jeju Island should avoid is failing to properly document the distinction between jeonse deposits (which aren't taxed as income) and wolse rental payments (which are), as the tax treatment differs significantly and errors can trigger penalties during audits.
We cover these mistakes, among others, in our list of risks and pitfalls people face when buying property in Jeju Island.
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.
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 Jeju Island, 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 |
|---|---|---|
| MOLIT Real Transaction Disclosure System (RTMS) | This is Korea's official system for recorded real estate transactions, including housing lease (jeonse/wolse) contracts. | We used it as the "ground truth" for what tenants actually signed (deposit plus monthly rent) in Jeju Island. We then summarized typical rent levels by unit size and location while trimming extreme outliers. |
| Korea Public Data Portal | This is the government's official distribution channel for standardized datasets and downloads. | We used it to justify the dataset provenance and fields used (area, deposit, monthly rent, location, contract period). We also used it to structure calculations consistently using medians and percentiles rather than cherry-picking listings. |
| Korea Real Estate Board (REB) | REB is the public institution that produces widely used national housing and lease market indicators. | We used REB-style rent indices as a trend check so our Jeju rent estimates move in the same direction as official market indicators. We also used it to sanity-check year-over-year changes. |
| KB Real Estate / KB Data Hub | KB's housing indices are one of Korea's most-cited private data series, widely referenced by banks and media. | We used KB's regional index trend as a second, independent cross-check versus REB's trend signals. We also used it to frame the outlook section for what's been happening and what typically drives the next move. |
| Statistics Korea (KOSTAT) / KOSIS | This is the official national statistics gateway for Korea, used for demographic and housing context. | We used it for "who rents" context (households, migration, housing structure) so the tenant profile story is data-led. We also used it to avoid over-generalizing Seoul trends to Jeju. |
| KOSIS English Portal | This is the same official statistical system, but easier to cite in English and verify. | We used it to support high-level housing and household facts in a way non-Korean readers can validate. We also used it to triangulate the rental demographics narrative. |
| Population and Housing Census | The census is the most comprehensive official snapshot of households and housing conditions. | We used it to ground tenant profiles (who lives where, household types) rather than guessing. We also used it as a reality check on how urban Jeju City is versus the rest of the island. |
| Bank of Korea (BOK) | BOK is Korea's central bank and the most authoritative source for rates and macro drivers that affect rent dynamics. | We used it to explain why Jeju's rent mechanics (especially jeonse-to-wolse conversion) can change when interest rates move. We also used it to make the 2026 rent growth outlook more grounded. |
| National Tax Service (NTS) | NTS is the official tax authority, so it's the safest place to anchor tax obligations and filing reality. | We used it to frame how rental income is reported and what landlords practically need to prepare. We also used it to keep the monthly costs section compliant and non-speculative. |
| Korean Law Information Center | This is an official government portal for up-to-date statutes and enforcement dates. | We used it to anchor landlord cost items that are legally defined rather than blog advice. We also used it as a backstop when summarizing property and rental income taxation concepts. |
| Comprehensive Real Estate Holding Tax Act | This is the official translated law text describing Korea's high-value holding tax framework. | We used it to explain when a Jeju landlord might face an extra holding tax on top of local property tax. We also used it to keep the tax section precise about what triggers what. |
| KLRI Local Tax Legal Framework | KLRI's official translation system is a reliable way to verify the legal basis for local taxes. | We used it to support how local property taxes conceptually work in Korea (tax base, liability timing). We then translated that into plain language about what landlords will pay and when. |
| MOLIT English Site | This is the ministry responsible for housing policy and the primary source behind RTMS. | We used it to reinforce that the transaction system and datasets are government-run and verifiable. We also used it to frame the policy, supply, and rates drivers behind rental outlook. |
| Asia Economy (Asiae) | This is a mainstream outlet that explicitly points back to official statistics in its reporting. | We used it only to support a Jeju-specific market quirk (lease type mix) that differs from the mainland. We did not use it as the primary source for rent levels. |
| MK News (Maeil Business Newspaper) | MK is one of Korea's leading business newspapers with reliable reporting on real estate market conditions. | We used it to understand Jeju apartment occupancy and absorption dynamics. We also used it to contextualize why vacancy rates can fluctuate when new supply enters the market. |
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