Studios consist of an open room including a bathroom and a kitchen area. Key money or a security deposit is required, most of the time. The security deposit usually is between 5,000,000 and 20,000,000 KRW along with the monthly rent also ranging from 300,000 to 1,000,000 KRW. The more deposit you pay upfront, the lower your monthly rent tends to be. For every 10,000,000 KRW deposit, your monthly rent is reduced by 100,000 KRW per month. For example, if the studio you are interested has an asset value of 40,000,000 KRW, you can put down 5,000,000 KRW and pay about 350,000 KRW each month as rent. In some cases, the security deposit may be waived, but the owner might request that you pay several months of rent in advance. It is advisable to make sure that there are no liens on the studio and to consider purchasing key money deposit insurance. (Please visit www.iros.go.kr to determine if there are any liens on the property)

Check list before signing a lease:

• What options does the studio come with?
• Does it have a washer and dryer?
• Is the laundry facility communal?
• What is inclusive in the monthly rent?
• Are utilities paid separately by each tenant?
• How much is the monthly maintenance fee?
• Is internet access provided?
• How is garbage disposed?