Overview of Seoul’s Rental Market (2025)
Notes:
- Itaewon has the highest studio rent now — even higher than Gangnam in some cases.
- Gangnam is consistently the most expensive across all types.
- Hongdae and Sinchon are affordable and lively (good for students).
- Jongno is underrated — old housing stock but very cheap studios.
Deposit Supplement – May 2025 Update
The average deposit for studios in Seoul is typically set around ₩10 million (~$7,200), while the average Jeonse across all unit types is approximately ₩218 million. This figure increased 2.8% from the previous month as of May 2025.
- In the Itaewon/Yongsan area, studios rent for around ₩1.02 million/month with a typical deposit of ₩10 million. The average jeonse deposit in Yongsan is ₩237 million, slightly above the citywide average.
- In Gangnam, studio rents typically range from ₩880k to ₩1.1 million/month, with deposits commonly at ₩10 million. The average jeonse deposit in Gangnam is ₩259 million, making it one of the most expensive districts in Seoul.
- Districts like Mapo, Songpa, and Seongdong also report jeonse averages 1–2% higher than the Seoul average, reflecting demand among families and professionals.
Seoul’s rental market in 2025 is highly competitive, with monthly rents on the rise across most districts. Studios (one-room units) have seen significant increases as students return to campus and more tenants opt for monthly rent over lump-sum deposits. As of mid-2025, the average monthly rent for a studio (≈33㎡) in Seoul is around ₩720,000 (with a standard ₩10 million deposit), up ~6% from earlier in the year. To put this in perspective, that citywide average was about ₩680,000 a year prior – a jump reflecting a post-pandemic surge in demand, especially near universities. One-bedroom apartments (including officetels) also climbed about 12% year-on-year to roughly ₩890,000 citywide. Larger 2–3 bedroom units (family apartments) now average about ₩1.35 million per month in Seoul, marking roughly a 5% annual increase. The shift from jeonse (deposit leases) to monthly rentals continues: nearly 60% of new leases in 2024 were monthly, as renters face high interest rates on large deposits.
Table 1 below summarizes typical rent levels by district and unit type. (₩1,000,000 is approximately $770 USD.)
District | Studio (₩/mo) | 1‑BR (₩/mo) | 2–3 BR (₩/mo) |
Gangnam | ~₩900k | ~₩1.2M | ~₩2.5M |
Yongsan (Itaewon) | ~₩1.0M | ~₩1.0M | ~₩2.3M |
Hongdae/Mapo | ~₩720k | ~₩850k | ~₩1.4M |
Sinchon (Seodaemun) | ~₩680k | ~₩800k | ~₩1.0M |
Jamsil/Songpa | ~₩720k | ~₩1.0M | ~₩2.0M |
Jongno | ~₩480k | ~₩750k | ~₩1.0M |
Each district in Seoul offers a different rental landscape. Below, we break down the average monthly rents for studios, one-bedrooms, and 2–3 bedroom apartments in key districts favored by foreigners and students. We also highlight notable pricing trends (year-over-year changes) and factors influencing prices in each area, such as university proximity, transit access, and expat-friendly amenities.
Gangnam District
Rent Averages (2025)
Gangnam is one of the most expensive districts in Seoul. A studio (one-room) in Gangnam runs about ₩900,000 per month on average, the highest in Seoul (roughly 125% of the city average). One-bedroom officetels or small apartments often cost ₩1.1–1.3 million a month, reflecting Gangnam’s premium market. Family-sized 2–3 bedroom apartments are very costly, averaging around ₩2.55 million per month – about double the Seoul average. For instance, high-end complexes in Gangnam regularly see contracts well above ₩2–3 million; in early 2025, Gangnam’s average apartment rent was reported at ₩2.549 million.
Trends
Rents in Gangnam have been rising steadily. The district’s studio rents climbed along with the citywide surge (up ~6% year-on-year) and remain at the top of the charts. High-end monthly rents are becoming more common: in Q1 2025, Gangnam had 95 leases with monthly rent over ₩5 million (second only to Seocho’s 97 in Seoul). This illustrates how luxury rental demand has grown – five years ago such high rents were rare, but by 2024 they made up 1.4% of Seoul contracts (vs 0.37% in 2020). Overall, Gangnam’s rental prices have seen a moderate single-digit percentage increase year-on-year, on top of an already high base.
Itaewon/Yongsan District
Rent Averages (2025)
Yongsan – which includes Itaewon, Hannam, and surrounding areas – has some of the highest rents in Seoul, especially for small units. An average studio in Yongsan goes for roughly ₩1.0–1.1 million per month, which recently overtook Gangnam as the priciest one-room rental in the city. (In spring 2025, Yongsan’s studio rent hit ₩1.02 million on average, about 141% of the Seoul mean.) One-bedroom apartments/officetels in expat-favored locales like Itaewon or Hannam-dong typically cost around ₩1.0–1.1 million or more monthly. Larger 2–3 bedroom units (often found in luxury villas or modern high-rises near the Yongsan Station development) average about ₩2.26 million per month – only slightly below Gangnam. For example, an upscale 3-bedroom in central Yongsan can easily command ₩2–3 million/month. Ultra-premium rentals exist here too (e.g. a penthouse in Yongsan’s Centenal Park was leased at ₩25 million/month in 2025, though such cases are exceptional).
Trends
Yongsan’s rents have surged in recent years. Notably, the district’s average studio rent jumped ahead of Gangnam’s in 2024–2025. This rise (into the ₩1 million+ range for one-rooms) reflects Yongsan’s growing appeal and limited supply in popular neighborhoods. On a yearly basis, one-room rents in Yongsan increased roughly 10–15%. Apartment rents in Yongsan have also climbed: as of early 2025 they were up to ₩2.26M from the low ₩2M’s, a mid-single-digit percentage increase year-on-year. The redevelopment of the former US Army Garrison into Yongsan Park (ongoing) and new luxury projects (like in Ichon and behind Seoul Station) are contributing to higher rents. Yongsan had the third-highest count of ultra-high-end rentals in Q1 2025 (43 contracts over ₩5M/month) after Gangnam and Seocho, highlighting that the expat luxury segment is strong here.
Hongdae/Mapo District
Rent Averages (2025)
Mapo District – especially the Hongdae area (around Hongik University) – is known for its youthful, creative energy. Studio apartments here average about ₩720,000 per month, which is roughly on par with the Seoul average. In fact, Mapo’s one-room rent is about 98–99% of the city average, reflecting moderate pricing: one-rooms in older buildings might go for ₩600k, while newer officetel studios near the subway can be ₩800k+. 1-bedroom units (often officetels or two-room flats) in Mapo cost around ₩800–900k monthly, depending on proximity to areas like Gongdeok or DMC. Meanwhile, 2–3 bedroom apartments in Mapo (e.g. family apartments in Sangam DMC or Gongdeok) have an average monthly rent around ₩1.3–1.5 million, a bit above the city average. For instance, a modern 3-bedroom apartment near Mapo station might rent for ~₩1.5M, whereas older 2-bed units further from the center can be closer to ₩1M.
Trends
Rents in the Hongdae/Mapo area have been rising but remain relatively reasonable compared to Gangnam/Yongsan. In 2023–2024, the return of students and young professionals caused one-room rents in Mapo to increase by around 5–10%. (City data showed one-room rents up ~11.6% near major universities in 2024, and Hongik Univ area was part of that trend.) By 2025, the pace has stabilized somewhat; Mapo’s studio rent is now just slightly below the city mean after being on par or above in some prior months. Apartments in Mapo have followed citywide trends, rising a few percent year-on-year. Key growth areas have been around the Digital Media City (DMC) in Sangam and new developments along subway Line 6, which have pushed local rents upward. Still, compared to the sky-high prices in Gangnam, Mapo offers somewhat more affordable options for mid-term foreign residents and exchange students.
Sinchon (Seodaemun District)
Rent Averages (2025)
“Sinchon” refers to the university district spanning Seodaemun (Yonsei and Ewha Universities) and parts of Mapo (Sogang University). It is a student housing hotspot. In Seodaemun-gu overall, studio rents average about ₩680,000 per month, which is notably below the Seoul average (only ~93% of the city mean). This figure reflects many older one-room villas in the area. However, immediately around the campuses, rents are higher: for example, Ewha Womans University vicinity has some of the priciest one-rooms in Seoul, averaging ₩710,000 and up to ₩800k for newer buildings. A tiny studio near Sinchon station can easily be ₩700k+. 1-bedroom (two-room) units near Sinchon are harder to find (many buildings are studio-type), but officetels or split flats rent around ₩750k–850k. 2–3 bedroom apartments in Seodaemun (often older or smaller units) are relatively affordable, typically ₩1.0 million or slightly above per month – considerably cheaper than in south Seoul. These larger units are often in non-student, residential pockets like Yeonhui-dong, and some are shared by students splitting rent.
Trends
The Sinchon area experienced a sharp jump in rents post-COVID. During the pandemic, some rents stagnated or even fell as students stayed home, but with the return of in-person classes, demand skyrocketed. From 2022 to 2023, average one-room rents in Seoul’s university districts jumped 15%. In Sinchon, one survey in early 2023 found average one-room rent near Yonsei at ₩695k, up from ₩600k the previous year. Ewha area spiked nearly 39% year-on-year (₩835k from ₩602k). This trend continued into 2024, albeit at a slightly lower pace: by 2024, Seoul major campus area rents were up another ~11.6% on average. Sinchon’s rents have now plateaued at a high level in 2025, as supply (new officetels in nearby Nokbeon and Shinchon) caught up a bit. Still, overall rent levels remain high historically, and landlords in Sinchon frequently ask for above-average annual increases citing sustained student demand. Management fees have also risen ~19%, adding to students’ cost of living. Essentially, Sinchon renters should budget more than they might have a few years ago.
Jamsil/Songpa District
Rent Averages (2025)
Songpa District (which includes Jamsil) has a mixed rental market – moderate for small units, but very high for larger apartments in its upscale complexes. Studios in Songpa (often found in areas like Jamshilsaenae or near universities like Seoul Asbestos College) average about ₩720,000 per month, roughly at the city mean. In fact, Songpa’s one-room rents sit around 97–99% of the Seoul average (neither cheapest nor most expensive). One-bed officetels in Jamsil or Cheonho can go for ₩900k–1.0M a month, particularly in new buildings around Lotte World Tower. Family-sized 2–3BR apartments are where Songpa stands out: thanks to large, modern complexes like Jamsil’s Lotte Castle and Helio City, the average 3-bedroom apt rent is about ₩1.8–2.0 million per month (one of the highest outside Gangnam). For instance, in late 2024 a Helio City 84㎡ apartment in Songpa rented for ₩4.10 million (with a ₩200M deposit) – a nearly 40% leap from ₩2.9–3.3M a year earlier. While that’s a top-end example, it illustrates how pricey Songpa’s premium units have become.
Trends
Songpa’s rental trends diverge by segment. Studios and small units in Songpa have seen modest increases (single-digit % YoY) and remain relatively in line with overall Seoul rent inflation. The district isn’t a major campus area nor an expat nightlife zone, so one-room demand is steady rather than surging. On the other hand, apartment rents in Songpa have soared in recent years. Driven by families and wealthier tenants, Songpa’s average apartment rent rose ~5% from 2023 to mid-2024. Jamsil in particular, with its redevelopment and attractions, experienced strong growth; some Jamsil apartments saw 20–30% rent hikes over 1–2 years. By 2025, Songpa’s average apartment rental price is only slightly behind the Gangnam “3 districts.” (Notably, Songpa had 16 contracts over ₩5M/month in Q1 2025, fewer than Gangnam or Yongsan, but still significant.) Looking forward, the influx of new apartments around Munjeong and redevelopment of Gaerong may add supply, potentially tempering rent growth. But for now, Songpa remains a landlord’s market for high-end units.
Jongno District
Rent Averages (2025)
Jongno, the historic heart of Seoul, offers a wide range of housing – from old hillside homes to modern high-rises – and this is reflected in its rent prices. Interestingly, Jongno has some of the cheapest small-unit rents in central Seoul. The average studio rent in Jongno is only about ₩480,000 per month, which is just 65% of the Seoul average (lowest among the 25 districts). This figure indicates many older, smaller units in areas like Changsin-dong, where one-rooms might go for ₩400k or less. One-bedroom apartments/officetels in Jongno tend to be mid-range: around ₩700–800k monthly. For example, officetels near Gwanghwamun or Jonggak (close to offices) might rent at ₩800k+, whereas a slightly dated two-room in an alley could be ~₩600k. 2–3 bedroom units in Jongno vary greatly. In neighborhoods like Bukchon or Seochon (with traditional houses) large rentals are rare – many foreigners choose small houses or hanoks. In newer residential buildings (e.g. near Dongdaemun or around Gwanghwamun), 2–3BR apartments can range from ₩1.0M to ₩1.5M depending on size and age. Overall, the average for a family-size apartment in Jongno is roughly in the ₩1.0–1.2M range per month (below the city average), as Jongno lacks the mega-complexes that drive up averages.
Trends
Jongno’s rental market has been relatively stable compared to trendier districts. One-room rents have not spiked as much as elsewhere; in fact, some college-adjacent pockets (Hyehwa, near Sungkyunkwan Univ) even saw a dip in rent a couple years ago. According to a 2023 report, Sungkyunkwan University area’s average one-room rent fell ~21% (from ₩505k to ₩395k) as some students shifted to newer dorms or farther neighborhoods. This helped keep Jongno’s overall studio average low. In 2024–2025, small-unit rents in Jongno edged up slightly (a few percent) with inflation but remained bargain by Seoul standards. On the other hand, high-end rentals in Jongno have grown in number. With the Gwanghwamun business area and several embassy residences in Jongno, demand for modern apartments (e.g. in Jongno Tower residences or Acro Seoul Forest across the river in Seongdong) has appeared. Still, Jongno recorded only one contract over ₩5M/month in early 2025, indicating that ultra-luxury rentals are rare here. We are seeing a gradual gentrification in parts of Jongno (Ikseon-dong, etc.), but this has translated more into rising property sale prices than into dramatic rent hikes so far. In summary, Jongno’s rents have ticked up modestly but remain comparatively affordable for small units, and only moderately high for larger units.
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Sources
This report utilized data from Korean real estate platforms (Dabang’s rent map and statistics), government and industry reports, and recent news articles. Key figures such as average rents and year-on-year changes were drawn from Dabang’s monthly rent analysis, Seoul city statistics, and media coverage (Seoul Economic Daily, Yonhap, etc.) of university housing surveys. Expat forum insights and on-the-ground anecdotes supplement these stats to provide context on neighborhood desirability. All prices are in Korean Won (₩). Rent averages assume a standard deposit (전세금) typical for each market segment (often ₩5–10 million for one-rooms, higher for apartments), unless noted. Keep in mind that actual rents can vary within districts – but the figures and trends above offer a solid reference for what international students and foreign residents can expect in Seoul’s rental landscape as of 2025.