Jeonse demands a daunting lump sum; monthly rent feels like money down the drain. In between sits semi-jeonse — a rental with a substantial deposit plus a monthly payment.
Except it is no longer an in-between option. Contracts with a monthly component now exceed 60% of the market.
1. What it's worth. Because the deposit is smaller, semi-jeonse often lands inside the small-deposit band — in Seoul, a deposit of ₩165 million or less gets ₩55 million back ahead of the mortgage lender. That is the under-advertised advantage here.
2. Where the risk is. Skip the lease report and fines started in June 2025 — the duty covers contracts with a deposit of ₩60 million or more, or rent above ₩300,000, filed within 30 days, with fines of ₩20,000–300,000. The widely repeated “up to ₩1 million” is the pre-amendment figure.
3. What to do. The three steps that protect a deposit are ranked in the order you complete them — occupation → move-in report → fixed date stamp, all on the same day. Then file the lease report within 30 days.
Below: where semi-jeonse actually begins, how to protect the deposit, and the reporting duty.
The jeonse era is ending
“The share of lease contracts including monthly rent exceeded 60% for the first time on record, reaching 61.9%” (Supreme Court registry data, January–July 2025)
“The monthly-rent share, 42.5% in 2021, surged to the 60% range in just four years.”
“The national monthly-rent share was 57.6% in 2024… Seoul was 60.3%” (Ministry of Land, Infrastructure and Transport, 2024)
In Seoul the trend has continued into 2026: “of 52,115 Seoul lease contracts this year, 24,935 — 47.8% — were monthly rent (including semi-jeonse)”, and “on new contracts, more than half are monthly rent”.
The 47.8% figure carries no named source agency in the article, so we cannot say which dataset it comes from. The 61.9%, 57.6% and 60.3% figures do name their sources.
Where exactly semi-jeonse begins
“Semi-jeonse” is not an official statistical term. Seoul city guidance sets out the ministry’s classification:
“Where the deposit is up to 12 times the monthly rent it is wolse (monthly rent); where it is 12 to 240 times it is jun-wolse; where it exceeds 240 times it is jun-jeonse.”
| Category | Deposit ÷ monthly rent | Example at ₩500,000 rent |
|---|---|---|
| Wolse | Up to 12× | Deposit up to ₩6m |
| Jun-wolse | 12× to 240× | ₩6m to ₩120m |
| Jun-jeonse | Over 240× | Over ₩120m |
What people call “semi-jeonse” usually falls in jun-jeonse. The example column is our arithmetic to illustrate the multiples; the source gives only the multiples.
This classification comes from a 2015 Seoul page. It is still used in property statistics, but whether it has changed since was not verified.
The lines are multiples, not amounts — so the same deposit takes a different name at a different rent.
Protecting the deposit — the order is the priority
The Supreme Court wording is the most precise:
“Where a tenant who has concluded a lease has taken delivery of the dwelling and completed resident registration, opposing power arises against third parties from the following day.” (Supreme Court 2017Da212194)
The key phrase is “from the following day” — not the day you move in. Seoul city guidance shows what that delay means in practice:
“Where resident registration is filed ten days after moving in, opposing power arises ten days later”
“Where the fixed date stamp is obtained ten days after moving in, the priority repayment right likewise takes effect ten days later”
Every day you delay pushes it back by that day. If the landlord registers a mortgage in the gap, your priority drops behind it. That is why both are same-day tasks.
| What to do | Effect | When it starts |
|---|---|---|
| Move in + resident registration | Opposing power | The day after both are complete |
| Fixed date stamp on the contract | Priority repayment right | From when it is obtained |
| (If you must move out) lease registration order | Both are preserved | Once registration is completed |
If you have to move out before the deposit is returned, the lease registration order is the safeguard: “once the tenant completes the lease registration pursuant to a lease registration order…the tenant acquires opposing power and the priority repayment right.”
Guides often say “from midnight the next day”. In August 2026 we opened Article 3(1) of the Housing Lease Protection Act in the Korean original and settled it — “where the tenant has completed delivery of the house and resident registration, the lease takes effect against third parties from the following day.” The word “midnight” appears nowhere in the provision. And the condition is both delivery (moving in) and resident registration, not registration alone — filing your move-in report without actually moving in does not create opposing power.
A small deposit gets paid first, ahead of the queue
The three steps above are about where you sit in the queue. This one lets you skip it. If your deposit is below a set amount, you are a small-sum tenant, and part of your deposit is repaid before earlier mortgage holders. Semi-jeonse trades deposit for rent, so it lands inside these bands more often than full jeonse does.
| Area | Deposit at or below | Repaid first |
|---|---|---|
| Seoul Special Metropolitan City | ₩165 million | ₩55 million |
| Over-concentration control regions (excl. Seoul), Sejong, Yongin, Hwaseong, Gimpo | ₩145 million | ₩48 million |
| Metropolitan Cities (excl. control regions and Gun areas), Ansan, Gwangju, Paju, Icheon, Pyeongtaek | ₩85 million | ₩28 million |
| Other areas | ₩75 million | ₩25 million |
The Enforcement Decree states it directly — Article 11 defines who counts, Article 10 sets the amount. Re-read in the Korean original in August 2026, with all eight figures matching:
“A tenant to be preferentially repaid pursuant to Article 8 of the Act shall be a tenant whose security deposit does not exceed the following relevant amounts… 1. Seoul Special Metropolitan City: 165 million won” (Article 11)
“The extent of a specified amount of a security deposit to be preferentially repaid… 1. Seoul Special Metropolitan City: 55 million won” (Article 10)
There is a ceiling worth knowing: “Where a specified amount of the security deposit of a tenant exceeds 1/2 of the value of a housing unit, the right of preferential repayment shall only apply to the amount equivalent to 1/2 of the value of the housing unit.” Both articles were last amended on 21 February 2023.
Reading the Decree in Korean turned up three restrictions the table omits
In August 2026 we opened Article 10 of the Enforcement Decree in the Korean original. The table above is paragraph 1. Paragraphs 2 to 4 do a great deal of work in an actual distribution.
- (2) Half the property value is the ceiling. “Where a tenant's certain amount exceeds one half of the value of the house, the tenant has priority only up to one half of that value.”
- (3) Several tenants share it. “Where there are two or more tenants in one house and the sum of their certain amounts exceeds one half of the value … that half is divided in proportion to each tenant's certain amount.”
- (4) A shared household counts as one. “Where two or more tenants maintain a household in common, they shall be deemed one tenant and their deposits aggregated.”
Paragraph 3 matters especially for semi-jeonse. The whole structure lowers the deposit, which makes it easy for one building to hold several qualifying tenants. Applying the text: a ₩300 million property with eight tenants at ₩55 million each sums to ₩440 million, so half the value — ₩150 million — is divided proportionally: roughly ₩18.75 million each (our calculation).
“I'm a small-deposit tenant, so my ₩55 million is safe” may simply not hold. Check how many units share the building before signing.
The ceiling on converting deposit into rent, also confirmed
Semi-jeonse is a partial conversion of deposit into monthly rent, so this provision applies head-on.
Act art. 7-2 Where all or part of a deposit is converted into monthly rent, it shall not exceed the monthly rent obtained by multiplying the converted amount by the lower of the following rates.
Decree art. 9 (1) … 10 per cent per annum (2) … 2 per cent per annum
Neither 10% nor 2% is in the Act — both sit in the Decree, so they can change without the National Assembly. Paragraph 2 has in fact been amended twice, in 2016 and 2020. Applying the August 2026 figures: 2.75% + 2% = 4.75% against 10%, so the ceiling is 4.75% (our calculation). The arithmetic and the negotiation are covered in the conversion rate article.
This ceiling bites on converting an existing deposit — the provision opens with “where … converted.” It does not regulate the market rate of a fresh semi-jeonse contract.
Why ₩34 million still shows up in search results
₩34m (2018) and ₩37m (2021) are still online, sometimes on municipal pages that label a 2018 figure as running “to the present”. Those are not current.
But the old figures are not entirely dead, and this is the part most guides omit. The 2023 amendment carries a carve-out:
“The amended provisions of Articles 10(1) and 11 shall also apply to lease contracts in effect as at the time this Decree enters into force; but the previous provisions thereof shall apply to persons who have acquired security rights over a leased house before this Decree enters into force.”
So if the mortgage on the property was registered before 21 February 2023, the old, lower amounts govern your position against that lender. One more reason to read the registration dates on the property register, not just the amounts.
※ The Decree took effect on the date of its promulgation, so the amendment date and the effective date are the same: 21 February 2023. The amounts were cross-checked against the Korea Housing Finance Corporation’s own guidance and matched in all four bands; each page was read twice with identical results.
Updated August 2026. Articles 10 and 11 have now been read in the Korean original at the National Law Information Centre, and all eight figures matched. The supplementary provision quoted above is still rendered from the official English translation — the per-article pages do not carry the supplementary provisions, so we have not seen that text in Korean. For a large deposit, confirm once with the Korea Legal Aid Corporation (132).
Overlay the ceiling and the protected amount for each of the four zones and the ratio stands out.
Since June 2025, not reporting means a fine
The lease reporting system began in 2021 but carried no penalty for four years. That ended.
“From 1 June, failing to report the contract details within 30 days of concluding a lease results in a fine.”
“Reporting applies to contracts with a deposit of ₩60 million or more, or monthly rent above ₩300,000.”
“The fine ranges from a minimum of ₩20,000 to a maximum of ₩300,000, depending on the transaction value and the length of non-reporting.”
“The government had originally intended a maximum fine of ₩1 million, but lowered it after criticism that it was excessive.”
The “up to ₩1 million” figure still widely quoted is the pre-amendment number — including on some public-agency pages. The current range is ₩20,000 to ₩300,000.
| Item | Rule |
|---|---|
| Contracts covered | Deposit ₩60m or more or rent above ₩300,000 |
| Deadline | 30 days from signing |
| Fine | ₩20,000 to ₩300,000 |
| Fines began | 1 June 2025 |
Most semi-jeonse contracts fall inside this. A substantial deposit or rent above ₩300,000 is close to the definition.
How to split deposit and rent
There is no single right answer, but there is a benchmark: the conversion rate. Run your quoted terms through it and you will know whether the offer is competitive. Seoul’s average was 4.25% as of August 2025.
The method and the negotiation are in negotiating the conversion rate, with a conversion calculator for the arithmetic. To compare against jeonse loan interest, use the loan calculator.
Before you sign
- Check senior claims on the property register — how much is already mortgaged.
- Run the offer through the conversion rate — compare with Seoul’s 4.25%.
- Register and get the fixed date on moving day — delay pushes your priority back.
- Report within 30 days — fines apply from June 2025.
- Diary the renewal window — it closes two months before expiry. See the tenant protection law.
For screening out dangerous contracts see jeonse fraud prevention, and for recovering some rent through tax, the monthly rent tax credit.
Questions people ask
Can I get a jeonse loan for semi-jeonse?
It depends on the product. Not verifiable from a public-agency source, so no claim is made. Ask your bank.
Can I claim a tax credit on the rent?
A monthly rent tax credit exists. Conditions and caps are set out with source quotations in the monthly rent tax credit.
Who files the lease report?
The article does not state who bears the duty, so neither do we. Check with your district office or the property transaction system.
How much is protected as a small-deposit tenant?
Between ₩25 million and ₩55 million, depending on the area — the four bands are in the table above. One catch: if a mortgage was registered before 21 February 2023, the older, lower amounts apply against that lender. Check the dates on the property register, not just the figures.
Why is everything shifting to monthly rent?
The article offers analysis, but we do not assert a cause here. What is verified is that the share went from 42.5% to 61.9% in four years.
Sources and where to check
- Korea Ministry of Government Legislation, National Law Information Centre (Korean original) — Housing Lease Protection Act Enforcement Decree, Article 10 and Article 11, in force 1 July 2026, amended 21 February 2023. All eight figures re-confirmed in Korean, and source for paragraph 2's half-value ceiling, paragraph 3's proportional division and paragraph 4's aggregation.
- National Law Information Centre (Korean original) — Housing Lease Protection Act, Article 7-2 and Enforcement Decree, Article 9. Source for “the lower of the following rates” and for both rates sitting in the Decree.
- National Law Information Centre (Korean original) — Housing Lease Protection Act, Article 3. Confirms “delivery and resident registration … from the following day” and that “midnight” does not appear.
- Korea Association of Realtors publication — the jeonse era gives way to the monthly rent era (15 September 2025). Source of 61.9% (Supreme Court registry, Jan–Jul 2025), 42.5% in 2021, and 57.6% national / 60.3% Seoul in 2024 (Ministry of Land).
- Same publication — fines for unreported leases from June (20 May 2025, Ministry of Land). Source of the ₩60m / ₩300,000 threshold, 30-day deadline and ₩20,000–₩300,000 fine.
- Same publication — the meaning of delivery and the priority repayment right (Supreme Court 2017Da212194). Source of “from the following day…opposing power arises”. Also the effect of a lease registration.
- Seoul Metropolitan Government — three things to know to protect your deposit (14 December 2022). Source of the ten-day delay example.
- Seoul Metropolitan Government — semi-jeonse data now on the property information portal (14 December 2015). Source of the 12× / 240× classification.
- Korea Association of Realtors publication — rents rise as published prices climb (26 March 2026). Source of Seoul’s 47.8%. The article does not name the source agency for that figure.
- Korea Housing Finance Corporation — small-sum lease deposits. Source of the ₩55m / ₩48m / ₩28m / ₩25m figures. It also breaks out places where the band changes within a single city — Incheon, Siheung and Namyangju. The page carries no publication or amendment date, which is why it was checked against the statute below.
- Korea Legislation Research Institute — Enforcement Decree of the Housing Lease Protection Act. Source of the Article 10 and 11 amounts, the 21 February 2023 amendment, the 1/2-of-value ceiling and the addenda carve-out. This is the official English translation; the Korean statute site was not reachable.
Written as of July 2026. The monthly-rent shares, the semi-jeonse classification, when opposing power and the priority repayment right take effect, and the reporting thresholds, deadline and fines all come from the sources above, and each figure was read twice with matching results. The small-sum priority repayment bands were confirmed in two independent sources that matched in all four bands. Four things could not be verified: (1) the “midnight” formulation (the statute says “from the following day”); (2) the source agency behind Seoul’s 47.8%; (3) whether the 12× / 240× classification has changed since 2015; and (4) who bears the reporting duty. Separately, the statute was read in its official English translation because the Korean statute portal was unreachable. Individual contracts turn on the property register and the area — confirm with a licensed agent and the Korea Legal Aid Corporation (132). This is not legal advice.
