Authored by the expert who managed and guided the team behind the South Korea Property Pack
Yes, the analysis of Seoul's property market is included in our pack
Seoul's rental market in 2026 operates as two parallel markets: small one-room units with monthly rent plus deposit, and larger apartments where the traditional jeonse system competes with rising wolse (monthly rent) contracts.
This guide breaks down current rent levels, neighborhood trends, tenant preferences, and landlord costs in Seoul using the latest available transaction data and official statistics.
We update this article regularly to reflect the most recent rent changes and market conditions in Seoul.
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 Seoul.
Insights
- Seoul studio rents average around ₩720,000 per month in January 2026, but this assumes a ₩10 million deposit, and actual monthly payments shift depending on how much deposit you put down.
- Seoul apartment monthly rents rose roughly 7% during 2025, climbing from about ₩1.34 million in January to ₩1.44 million by late 2025, and this upward pressure carried into 2026.
- Seoul's housing supply rate sits around 93.6%, meaning there are fewer homes than households, which keeps vacancy rates low and supports steady rent growth across the city.
- Properties near subway interchanges in Seoul command significant premiums because commute time is a daily pain point, and tenants will pay extra to shave minutes off their travel.
- The Bank of Korea base rate at 2.50% encourages landlords to prefer monthly rent over jeonse deposits, pushing more units into the wolse market and keeping monthly rents elevated.
- Peak rental demand in Seoul hits in February and March when university semesters start and companies rotate employees, making these months the hardest time to find good deals.
- Gangnam, Seocho, and Yongsan districts consistently have the highest rents in Seoul, with family apartments in Daechi-dong commanding premiums due to the famous hagwon concentration.
- Expats in Seoul cluster in Itaewon, Hannam-dong, and Seorae Village, where English-friendly services and international school access justify rents 20% to 40% above city averages.
- One-person households now dominate Seoul rentals, driving strong demand for studios and small officetels, especially in transit-connected neighborhoods like Seongsu-dong and Mapo-gu.
- Furnished rentals in Seoul typically add ₩100,000 to ₩200,000 per month to the rent, but they fill faster in expat areas and near universities where tenants value move-in convenience.
What are typical rents in Seoul as of 2026?
What's the average monthly rent for a studio in Seoul as of 2026?
As of early 2026, the average monthly rent for a studio in Seoul is approximately ₩720,000 (around $500 USD or €465 EUR), assuming a standard ₩10 million deposit.
Most studios in Seoul rent between ₩550,000 and ₩950,000 per month ($380 to $655 USD, or €355 to €615 EUR), with the range reflecting differences in building age, size, and location.
The main factors causing studio rents to vary in Seoul include proximity to subway stations, building type (newer officetels versus older villas), neighborhood desirability, and whether the unit includes modern amenities like in-unit laundry and good soundproofing.
What's the average monthly rent for a 1-bedroom in Seoul as of 2026?
As of early 2026, the average monthly rent for a 1-bedroom apartment in Seoul is approximately ₩1,050,000 (around $725 USD or €680 EUR).
Most 1-bedroom apartments in Seoul rent between ₩800,000 and ₩1,400,000 per month ($550 to $965 USD, or €515 to €900 EUR), depending on the neighborhood and building quality.
In Seoul, the cheapest 1-bedroom rents tend to be in outer districts like Nowon-gu, Dobong-gu, and Geumcheon-gu, while the highest 1-bedroom rents cluster in Gangnam-gu, Seocho-gu, and Yongsan-gu where transit access and lifestyle amenities push prices up.
What's the average monthly rent for a 2-bedroom in Seoul as of 2026?
As of early 2026, the average monthly rent for a 2-bedroom apartment in Seoul is approximately ₩1,600,000 (around $1,100 USD or €1,030 EUR).
Most 2-bedroom apartments in Seoul rent between ₩1,200,000 and ₩2,200,000 per month ($825 to $1,515 USD, or €775 to €1,420 EUR), with significant variation based on location and building age.
The cheapest 2-bedroom rents in Seoul are typically found in Gwanak-gu, Jungnang-gu, and Gangbuk-gu, while the most expensive 2-bedroom apartments are in Gangnam-gu, Seocho-gu (especially Banpo), and Yongsan-gu (especially Hannam-dong).
By the way, you will find much more detailed rent ranges in our property pack covering the real estate market in Seoul.
What's the average rent per square meter in Seoul as of 2026?
As of early 2026, the average rent per square meter in Seoul is approximately ₩27,000 per month (around $18.50 USD or €17.50 EUR per square meter).
Rent per square meter in Seoul ranges from about ₩18,000 to ₩40,000 ($12.50 to $27.50 USD, or €11.50 to €26 EUR) depending on the neighborhood, with central and southern districts commanding the highest rates.
Compared to other major South Korean cities, Seoul's rent per square meter is roughly 30% to 50% higher than Busan or Daegu, reflecting the capital's concentrated job market and infrastructure advantages.
Properties in Seoul that push rent per square meter above average typically feature subway proximity within a 5-minute walk, newer construction with modern amenities, good soundproofing, and building security systems with elevators.
How much have rents changed year-over-year in Seoul in 2026?
As of early 2026, rents in Seoul have increased by approximately 6% to 9% compared to January 2025, depending on property type and neighborhood.
The main factors driving rent increases in Seoul during 2025 and into 2026 include higher interest rates making jeonse deposits harder to finance, tightened mortgage rules pushing would-be buyers into rentals, and persistently low housing supply relative to household growth.
This year's rent increase in Seoul is similar to the 2024 trend, when rents also rose steadily, though the pace has moderated slightly as the market absorbed earlier rate hikes and some buyers returned to purchasing despite stricter lending conditions.
What's the outlook for rent growth in Seoul in 2026?
As of early 2026, rent growth in Seoul is projected to continue at 3% to 7% over the coming year, with smaller units likely at the higher end of that range.
The key factors likely to influence Seoul rent growth in 2026 include the Bank of Korea's interest rate path (currently at 2.50%), ongoing mortgage restrictions in popular districts, and the structural housing shortage that keeps supply below demand.
Neighborhoods in Seoul expected to see the strongest rent growth include transit-connected areas popular with young professionals (like Seongsu-dong and Mapo-gu) and family districts with strong school reputations (like Daechi-dong and Mok-dong).
Risks that could cause Seoul rent growth to differ from projections include a sharper-than-expected economic slowdown reducing tenant purchasing power, unexpected policy changes relaxing mortgage rules, or a surge in new apartment completions in specific districts.
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 Seoul as of 2026?
Which neighborhoods have the highest rents in Seoul as of 2026?
As of early 2026, the three Seoul neighborhoods with the highest average rents are Hannam-dong in Yongsan-gu (averaging ₩2,500,000+ per month, or $1,725+ USD and €1,615+ EUR), Apgujeong-dong in Gangnam-gu (averaging ₩2,300,000+ per month, or $1,585+ USD and €1,485+ EUR), and Banpo-dong in Seocho-gu (averaging ₩2,100,000+ per month, or $1,450+ USD and €1,355+ EUR).
These Seoul neighborhoods command premium rents because they combine prestige addresses with excellent infrastructure, top-tier schools, Han River access, and proximity to major business districts like the Gangnam Business District.
Tenants who rent in these high-rent Seoul neighborhoods are typically senior professionals, executives, diplomats, and wealthy families who prioritize school districts, building quality, and neighborhood status over cost savings.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Seoul.
Where do young professionals prefer to rent in Seoul right now?
The three Seoul neighborhoods where young professionals most prefer to rent are Seongsu-dong in Seongdong-gu, the Yeonnam-dong and Hapjeong area in Mapo-gu, and Euljiro in Jung-gu.
Young professionals in these Seoul neighborhoods typically pay between ₩700,000 and ₩1,200,000 per month ($485 to $825 USD, or €450 to €775 EUR) for studios and small 1-bedroom units.
These neighborhoods attract young professionals in Seoul because they offer excellent subway connections to multiple business districts, vibrant cafe and restaurant scenes, creative and social atmospheres, and relatively modern housing stock compared to older residential areas.
By the way, you will find a detailed tenant analysis in our property pack covering the real estate market in Seoul.
Where do families prefer to rent in Seoul right now?
The three Seoul neighborhoods where families most prefer to rent are Banpo-dong in Seocho-gu, Mok-dong in Yangcheon-gu, and Jamsil-dong in Songpa-gu.
Families renting 2 to 3 bedroom apartments in these Seoul neighborhoods typically pay between ₩1,800,000 and ₩3,000,000 per month ($1,240 to $2,070 USD, or €1,160 to €1,935 EUR).
These neighborhoods attract families in Seoul because they offer large apartment complexes with good security, proximity to parks and green spaces, excellent public transportation, and strong community infrastructure for raising children.
The top-rated schools near these family-friendly Seoul neighborhoods include the prestigious hagwon clusters in Daechi-dong (near Jamsil), well-regarded public schools in Mok-dong's education district, and international school options in the Banpo and Seorae Village area.
Which areas near transit or universities rent faster in Seoul in 2026?
As of early 2026, the three areas in Seoul near transit hubs or universities that rent fastest are the Sinchon-Ewha-Sogang university belt in Seodaemun-gu, the Konkuk University and Guui station area in Gwangjin-gu, and the Anam area near Korea University in Seongbuk-gu.
Properties in these high-demand Seoul areas typically stay listed for only 10 to 15 days on average, compared to 25 to 35 days in less transit-connected neighborhoods.
The rent premium for properties within a 5-minute walk of subway stations or university campuses in Seoul is typically ₩50,000 to ₩150,000 per month ($35 to $105 USD, or €32 to €97 EUR) above comparable units further from transit.
Which neighborhoods are most popular with expats in Seoul right now?
The three Seoul neighborhoods most popular with expats are Itaewon in Yongsan-gu, Hannam-dong in Yongsan-gu, and Seorae Village in Seocho-gu.
Expats renting in these Seoul neighborhoods typically pay between ₩1,200,000 and ₩3,500,000 per month ($825 to $2,415 USD, or €775 to €2,260 EUR), with furnished units and larger apartments at the higher end.
These neighborhoods attract expats in Seoul because they offer English-friendly services, international restaurants and shops, proximity to international schools, and established expat communities that make settling in easier.
The expat communities most represented in these Seoul neighborhoods include Americans, Europeans (especially French in Seorae Village), Japanese, and professionals from various countries working at embassies, multinational corporations, and international organizations.
And if you are also an expat, you may want to read our exhaustive guide for expats in Seoul.
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Who rents, and what do tenants want in Seoul right now?
What tenant profiles dominate rentals in Seoul?
The three tenant profiles that dominate the rental market in Seoul are one-person households (students and early-career workers), couples and newlyweds, and families with school-age children.
In Seoul's rental market, one-person households represent approximately 35% to 40% of renters, couples and newlyweds account for about 25% to 30%, and families make up roughly 25% to 30%, with the remainder split among expats and retirees.
One-person households in Seoul typically seek studios and small officetels near subway stations, couples look for 1 to 2 bedroom apartments with good transit access, and families prioritize 2 to 3 bedroom apartments in school-district-driven neighborhoods with parks and community facilities.
If you want to optimize your cashflow, you can read our complete guide on how to buy and rent out in Seoul.
Do tenants prefer furnished or unfurnished in Seoul?
In Seoul's rental market, approximately 70% to 75% of tenants prefer unfurnished apartments for longer-term leases, while 25% to 30% seek furnished units, particularly expats, students, and short-term renters.
Furnished apartments in Seoul typically command a rent premium of ₩100,000 to ₩250,000 per month ($70 to $170 USD, or €65 to €160 EUR) above comparable unfurnished units, depending on furniture quality and appliance packages.
Tenant profiles that tend to prefer furnished rentals in Seoul include foreign professionals on corporate assignments, international students, and domestic tenants relocating temporarily who value move-in convenience over customization.
Which amenities increase rent the most in Seoul?
The five amenities that increase rent the most in Seoul are subway proximity within a 5-minute walk, secure building entry with CCTV, elevator access, dedicated parking, and in-unit washer-dryer with modern HVAC.
In Seoul, subway proximity adds approximately ₩50,000 to ₩150,000 per month ($35 to $105 USD), secure entry adds ₩30,000 to ₩80,000 ($20 to $55 USD), elevator access adds ₩40,000 to ₩100,000 ($28 to $70 USD), parking adds ₩50,000 to ₩120,000 ($35 to $83 USD), and modern laundry and HVAC add ₩40,000 to ₩100,000 ($28 to $70 USD) to monthly rent.
In our property pack covering the real estate market in Seoul, we cover what are the best investments a landlord can make.
What renovations get the best ROI for rentals in Seoul?
The five renovations that get the best ROI for rental properties in Seoul are bathroom refresh with mold control, kitchen usability upgrades (countertop and storage), window and door soundproofing, modern lighting and flooring, and smart lock installation with improved building entry.
In Seoul, a bathroom refresh costs ₩2,000,000 to ₩5,000,000 ($1,380 to $3,450 USD) and can increase rent by ₩50,000 to ₩100,000 monthly, kitchen upgrades cost ₩1,500,000 to ₩4,000,000 ($1,035 to $2,760 USD) for ₩40,000 to ₩80,000 monthly gains, soundproofing costs ₩500,000 to ₩2,000,000 ($345 to $1,380 USD) for ₩30,000 to ₩70,000 monthly gains, flooring and lighting cost ₩1,000,000 to ₩3,000,000 ($690 to $2,070 USD) for ₩30,000 to ₩60,000 gains, and smart locks cost ₩200,000 to ₩500,000 ($140 to $345 USD) for ₩20,000 to ₩40,000 monthly gains.
Renovations that tend to have poor ROI and should be avoided by landlords in Seoul include luxury finishes that exceed neighborhood standards, structural changes that require permits and tenant displacement, and decorative upgrades that reflect personal taste rather than broad tenant appeal.
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 Seoul as of 2026?
What's the vacancy rate for rentals in Seoul as of 2026?
As of early 2026, the effective vacancy rate for rental properties in Seoul is approximately 3%, reflecting a tight market where most quality units find tenants quickly.
Vacancy rates across Seoul neighborhoods range from about 1% to 2% in premium and transit-connected areas like Gangnam, Mapo, and Yongsan, up to 4% to 6% in outer districts with weaker transit links and older housing stock.
Seoul's current vacancy rate of around 3% is below the historical average of 4% to 5%, consistent with the city's housing supply rate of about 93.6%, which means there are fewer homes than households.
Finally please note that you will have all the indicators you need in our property pack covering the real estate market in Seoul.
How many days do rentals stay listed in Seoul as of 2026?
As of early 2026, rentals in Seoul stay listed for an average of 20 to 30 days before finding a tenant, though this varies significantly by property type and location.
Days on market across Seoul range from 10 to 20 days for well-priced studios in good locations, 20 to 40 days for typical 1 to 2 bedroom apartments, and 40 or more days for overpriced units, properties with weak transit access, or older buildings without elevators.
The current days-on-market figure in Seoul is roughly similar to one year ago, as steady demand and limited supply have kept the market competitive throughout 2025 and into 2026.
Which months have peak tenant demand in Seoul?
The peak months for tenant demand in Seoul are February through March and August through September, when the largest waves of tenants actively search for housing.
These seasonal demand patterns in Seoul are driven by the academic calendar (university semesters start in March and September), corporate job rotations that cluster in early spring, and the traditional moving season that aligns with lease renewals.
The months with the lowest tenant demand in Seoul are typically November through January and June through July, when fewer leases expire and most tenants are settled, making it harder for landlords to fill vacancies quickly during these periods.
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What will my monthly costs be in Seoul as of 2026?
What property taxes should landlords expect in Seoul as of 2026?
As of early 2026, landlords in Seoul should expect to pay annual property taxes ranging from approximately ₩1,000,000 to ₩5,000,000 ($690 to $3,450 USD, or €645 to €3,225 EUR) for a typical rental apartment, with higher-value properties paying significantly more.
Property taxes in Seoul can range from under ₩500,000 ($345 USD) for lower-value units in outer districts to ₩10,000,000 or more ($6,900+ USD) for premium apartments in Gangnam, Seocho, or Yongsan, depending on official assessed value.
Property taxes in Seoul are calculated based on the officially assessed value of the property (not market value), with rates set by the local government, plus add-ons like education tax, and are typically billed in July and September based on ownership as of June 1.
Please note that, in our property pack covering the real estate market in Seoul, we cover what exemptions or deductions may be available to reduce property taxes for landlords.
What utilities do landlords often pay in Seoul right now?
The utilities landlords most commonly pay on behalf of tenants in Seoul are building management fees for common areas (in some lease structures), and landlords are typically responsible for major repairs like boiler replacement and water leak fixes.
Building management fees (gwanlibi) in Seoul that landlords may cover typically range from ₩100,000 to ₩300,000 per month ($70 to $205 USD, or €65 to €195 EUR), while major repair costs vary widely depending on the issue.
The common practice in Seoul is for tenants to pay day-to-day utilities like electricity, gas, water, and internet directly, while landlords cover structural repairs and may bundle some utilities in furnished or short-stay arrangements to keep occupancy high.
How is rental income taxed in Seoul as of 2026?
As of early 2026, rental income in Seoul is generally treated as taxable income and added to the landlord's overall income, with tax rates ranging from 6% to 45% depending on total income level and filing status.
The main deductions landlords can claim against rental income in Seoul include property management fees, repair and maintenance costs, loan interest on the property, depreciation, and property taxes paid during the year.
Common tax mistakes landlords in Seoul should avoid include failing to register as a rental business (which affects available deductions), not keeping proper records of expenses, and misunderstanding the treatment of jeonse deposits versus wolse income under Korean tax rules.
We cover these mistakes, among others, in our list of risks and pitfalls people face when buying property in Seoul.
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 Seoul, 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 |
|---|---|---|
| Korea Real Estate Board (REB) | REB is Korea's official real estate market monitor and a core public data producer for housing statistics. | We used REB as our official anchor for rental market trends and benchmark rent levels. We cross-checked private-sector summaries against REB-referenced figures to keep our estimates realistic. |
| Ministry of Land, Infrastructure and Transport (MOLIT) | MOLIT is the national ministry responsible for housing policy and owns the core housing transaction datasets. | We used MOLIT as the policy context source for why rental structures shift between jeonse and wolse. We also referenced it as the upstream owner of the transaction disclosure system that major rent studies rely on. |
| Korea Public Data Portal | This is the government's official distribution platform for public datasets and APIs in Korea. | We used it to validate that rent and lease transaction data is published as public data and meant to be reused. We used that to justify leaning on transaction-based analyses for our rent-level estimates. |
| Dabang (Station3) | Dabang is one of Korea's largest rental platforms and regularly publishes structured market snapshots. | We used Dabang as a private-sector lens on small-unit rents like one-rooms and officetels. We relied only on Dabang outputs that explicitly state they're based on the MOLIT transaction disclosure system. |
| ChosunBiz | ChosunBiz is a major Korean business outlet that clearly attributes numbers to named datasets and methodologies. | We used it for hard numeric anchors on one-room monthly rents in Seoul. We treated their transaction-based data as a starting point and adjusted for January 2026 using other REB-referenced indicators. |
| Asia Economy | Asia Economy reports specific REB statistics with clear time-stamps on the data series. | We used it as our cleanest public reference for average apartment monthly rent levels in Seoul. We used it to calibrate 2-bedroom typical apartment rents and rent-change momentum into early 2026. |
| KOSIS (Korean Statistical Information Service) | KOSIS is the official portal for Statistics Korea and national statistical tables. | We used KOSIS as the backbone for understanding who rents and structural housing context like households and housing stock. We used it to avoid over-relying on listings data when describing demand and tenant mix. |
| Seoul Metropolitan Government | This is the city government explaining the local tax system in plain English. | We used it to frame what taxes exist at the city and district level and what landlords will encounter. We paired it with statutory sources to keep the explanation accurate. |
| KLRI e-Law | This is an official English statute database for Korean law. | We used it as the legal ground truth for what taxes exist and how they're defined in law. We used it to sanity-check summaries from city pages and professional tax guides. |
| Dongdaemun-gu District Government | This is a district government page that spells out tax timing and add-ons in a practical way. | We used it to make the "when you pay" part simple, explaining the July and September billing and June 1 ownership date. We also used it to highlight add-ons like education tax that landlords often forget. |
| Bank of Korea | This is the central bank's official statement on the policy rate and reasoning. | We used it to anchor the interest-rate backdrop that affects jeonse-to-wolse conversion and rent pressure. We used it directly in our 2026 rent-growth outlook logic. |
| Reuters | Reuters is a global wire service with strong sourcing discipline for policy moves. | We used it to explain why buying constraints can spill over into rental demand in Seoul. We used it as supporting context for why rents stayed hot into January 2026. |
| Savills Research | Savills is a major global real estate consultancy with a research function and clear referencing. | We used it to cross-check owner and renter shares and structural demand drivers in the Seoul metro area. We used it to keep tenant-profile statements aligned with survey-based realities. |
| National Tax Service of Korea | This is Korea's official tax authority and the primary reference for tax filing and categories. | We used it as the primary reference point for rental income tax treatment. We relied on it to ensure our tax guidance aligns with official requirements. |
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