Why Finding a Rental Home in Itaewon and Hannam-dong Has Become Much More Difficult for Expats
At Team KF Relocation Services, one of the most important parts of our work is helping expatriates find the right home in Korea.
Recently, we accompanied one of our international assignees on a home-searching tour focused exclusively on Itaewon and** Hannam-dong**—two of Seoul's most popular neighborhoods for foreign residents.
Although our client ultimately found an excellent villa and successfully signed the lease, the process highlighted an important trend that many expatriates and HR managers should be aware of.
Finding suitable rental housing in Seoul has become significantly more challenging than it was just a few years ago.
Why Are There Fewer Rental Properties Available?
Compared to previous years, the number of available rental properties throughout Seoul has noticeably declined.
This trend is especially visible in neighborhoods traditionally favored by expatriates, including:
- Itaewon
- Hannam-dong
- Yongsan
- Seorae Village
Properties that are suitable for corporate expatriates are becoming increasingly difficult to secure.
During our recent housing tour, we found that the number of available homes matching our client's requirements was much smaller than expected.
As a result, our client was often competing with multiple prospective tenants for the same property.
"Kkalse" Rentals Are Becoming Increasingly Competitive
Many expatriates relocating to Korea prefer Kkalse (깔세) arrangements.
A Kkalse lease typically requires paying a lump-sum rental amount upfront instead of making monthly rent payments, making it an attractive option for companies managing relocation budgets or short-term assignments.
However, we are seeing a noticeable shift in the market.
As the supply of both Jeonse (key deposit leases) and monthly rental properties continues to decrease, more Korean tenants are also considering Kkalse properties.
This means that expatriates are no longer competing only with other foreign residents.
Increasingly, they are also competing with local tenants for the same limited inventory.
Timing Matters More Than Ever
One lesson from this recent relocation project is clear:
Waiting too long to begin the housing search can significantly reduce the available options.
Popular neighborhoods such as Itaewon and Hannam-dong often see desirable properties rented within just a few days.
For companies relocating employees to Korea, beginning the home search well before the employee's arrival can make a substadntial difference.
Planning a Relocation to Korea?
If your company is relocating employees to Korea, or if you are planning an international assignment yourself, starting the housing search early is more important than ever.
With increasing competition in Seoul's rental market, experienced local support can save valuable time and help secure the right property before it is no longer available.
At Team KF Relocation Services, we help expatriates relocate to Korea with confidence by providing comprehensive support including visa services, home search assistance, lease negotiations, furniture rental, and settling-in services.