The 24-month lease term is the standard but it is possible to secure shorter lease terms such as 12 months. Terms for less than 12 months are possible in many cases for studio and one bedroom units in Seoul. Also, outside of Seoul lease terms, depending upon location, can be more flexible than Seoul itself. For example, owners in Ulsan (large industrial city) have been flexible regarding shorter terms, providing furnishings, etc. as of late. However, some points to keep in mind for shorter lease terms in Seoul are the following.
Important Points for Shorter Lease Terms
The monthly rental rate for a property under a 12-month lease term will be higher compared to that of the rate for the same property under a 24-month lease term.
Typically, no early termination clause is provided in 12-month lease terms although it may be possible to secure a 9 or 10-month break clause.
The selection of properties is reduced as many owners will still prefer the standard 24-month lease term.
If furniture is required then the selection will be further limited and the amount of furniture allocation costs (in addition to the base rental rate) will be required to secure the required items.