Luxury rental prices in Seoul have surged, with a growing number of apartments commanding monthly rents exceeding 10 million won ($6,900). (Image courtesy of Yonhap)
SEOUL, March 4 (Korea Bizwire) — Luxury rental prices in Seoul have surged, with a growing number of apartments commanding monthly rents exceeding 10 million won ($6,900), highlighting a shift in the city’s high-end housing market.
According to data from South Korea’s Ministry of Land, Infrastructure, and Transport, released on March 3, nearly 38% of Seoul’s rental tenants in 2024 paid monthly rents between 1 million and 5 million won ($690–$3,450), an increase of 8.6 percentage points from 2020.
The share of tenants paying 1 million to 3 million won rose from 27.0% in 2020 to 32.9% last year, while those paying 3 million to 5 million won doubled to 4.6%.
More strikingly, ultra-high-end rentals—exceeding 5 million won ($3,450) per month—have become more common. In 2024, there were 1,404 such transactions, making up 1.4% of total rental contracts, a significant jump from just 0.4% in 2020.
Among these, 179 contracts exceeded 10 million won per month, primarily involving corporate executives, foreign professionals, and high-profile entertainers.
Some of the most expensive rentals were found in Seoul’s prime real estate locations, including Acro Seoul Forest in Seongdong, Nine One Hannam and Hannam The Hill in Yongsan, and Galleria Foret and Trimage in Seongdong, where penthouse rents reached 20 million to 30 million won ($13,800–$20,700) per month.
The trend has continued into 2025, with nearly 90 rental contracts exceeding 5 million won already recorded this year. Of these, at least 10 leases were priced above 10 million won per month.
The most expensive deal so far was in Nine One Hannam, where a 206-square-meter unit was leased last month for a deposit of 1.5 billion won ($1.03 million) and a monthly rent of 25 million won ($17,250).
Another notable transaction occurred in Yongsan Prugio Summit, where a 189-square-meter unit was rented for 14 million won ($9,660) per month with a 50 million won ($34,500) deposit.
Additionally, a 96-square-meter unit in Acro Seoul Forest was leased for 11.5 million won ($7,930) per month with a 400 million won ($276,000) deposit.
Experts attribute the rise in luxury rentals to soaring apartment prices and tighter mortgage regulations, which have pushed high-net-worth individuals—including business owners, freelancers, and celebrities—to prefer renting over purchasing.
“With rising jeonse prices and stricter loan restrictions, wealthy individuals who have strong cash flow are increasingly opting for high-end rentals,” said one real estate expert.
As demand for luxury rentals grows, Seoul’s high-end rental market is expected to continue expanding, reshaping the city’s housing landscape.
Ashley Song (ashley@koreabizwire.com)
