Jeonse

Jeonse is a type of housing contract that is common in South Korea. Instead of paying rent every month, the tenant gives a big chunk of money called a jeonse deposit to the landlord at the start of the contract. This deposit can be quite large, sometimes even equal to the cost of the property. The landlord then holds onto the deposit for the duration of the contract, which can be anywhere from one to three years.

During this time, the tenant lives in the property without paying any monthly rent. At the end of the contract, the landlord must return the full jeonse deposit to the tenant. In some cases, landlords may take a small percentage of the deposit as a fee for usage of the property.

Jeonse is popular in South Korea because it allows for long-term stability and often allows tenants to live in bigger and nicer properties than they could normally afford with monthly rent payments. It also benefits the landlord by providing an upfront lump sum that they can invest or use to pay off their own debts.