Woelse and Cheonse System in South Korea

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These are two different and rather unique systems for paying rent in South Korea. I don't know why I dug up this info and put it into a text file. Its quite different from the way we pay rent here or buy houses in Singapore.

Woelse is a system where you put down a deposit (Bojeungeum / 보증금 /key money) and on top of that pay a monthly rent. Generally, the higher the deposit, the lower your rent. You get your deposit back when you leave.

If you see a realtor's ad like this:

월세
2방
200 / 40

This means a 2 room apartment for 20 million won deposit at 400,000 a month rent.

Cheonse is a system where you put down a huge deposit (typically over 100 million won, but one rooms can be had for 50-60 depending on the area) and don't pay any monthly rent. You get your deposit back when you leave.

If you see a realtor's ad like this:

천세
2방
1억

This means a 2 room apartment for 100 million won deposit.

There may be a govt registration process (mentioned above) that does offer a degree of protection for cheonsae -- up to 20 million won depending on location