Korean Job Discussion Forums

[chaz47]

I was talking with a friend over a beer last weekend and he said that as a result of the global financial woes rents will increase. He seemed way more savvy than I on the subject so I took what he said to be sound. I didn't expect to see it in Korea just yet though. So, I was a bit shocked when I saw a poster asking 5 million in key money and 450 a month in rent... this is for a single floor 12 pyeong one room. Also, this isn't in Gangnam... it is in Busan. I don't know about you guys but to me that seems about 150 more a month that in aught to be.

[bangbayed]

Property values are (and have been) going down, as well they should be after years of over-speculation. There might be some landlords looking to increase their rents to make up for the loss they're taking but I have a feeling when they see there is no money out there as people start losing their jobs, rents will eventually decline.

[bassexpander]

They're going down, but not really in the price ranges most ESL teachers live in. Those prices are probably quite stable, I'd imagine.

[Whistleblower]

The place I live at (Royal Palace Housevill in Sunae) is going down. My brother-in-law was looking for a place to live in our apartment and the estate agent mentioned that the price of apartments are going down. Furthermore, there were plenty of places being offered for rent and this is the first time I have noticed empty apartments. This equaled to rent prices being lowered.


The reason your friend is suggesting that rent is increasing is probably because he/she is a landlord/landlady and wants to increase rent. However, because most people want to move in with their family this will become a problem (basic law of supply and demand) and the price will decrease.

I forecast that next year, there will be a housing slump, a recession, a lack of jobs and finally a depression. This will effect housing prices, EFL positions, the job market and exchange rate. Good luck for those around next year.

[pkang0202]

I've noticed rent in certain areas of Seoul is going UP.

These are usually in one-room villas that are owned by individuals. The economy is bad, and they are jacking up the deposits/rent to try and make up the losses they are getting on the property value and slow economy.

[DC in Suwon]

Sounds similar to Florida. Even though house values are dropping, rentals are increasing payments.

[tzechuk]

They are definitely going down.

No one is really renting anything anymore.

[Jandar]

When people can't buy houses they tend to rent.

People have to live somewhere.

With more housing on the market rent will be the alternative.

If you see rent-able property that you can afford you should buy now.

Rents will be low starting out but will climb along with interest rates which can't get much lower.