With jeonse prices rising and supply remaining tight, the share of "quasi-monthly rent," in which tenants pay both a deposit and monthly rent, is growing in Seoul's apartment lease market. Quasi-monthly rent refers to lease contracts where the deposit equals 12 to 240 times the monthly rent.
On the 20th, Real Estate R114 analyzed actual transaction data from the Ministry of Land, Infrastructure and Transport and found that contracts with strong jeonse characteristics are decreasing while contracts combining monthly rent elements are increasing. The share of quasi-monthly rent among Seoul apartment leases expanded from 51% in 2022 to 54% in 2023, 54% in 2024, and 55% last year. In contrast, quasi-jeonse, where the jeonse deposit exceeds 240 times the monthly rent and thus has relatively strong jeonse characteristics, continued to decline from 42% in 2023 to 41% in 2024 and 40% in 2025.
Behind this shift are supply shortages and rising jeonse prices. As new move-in volume decreased and pure jeonse options dwindled, the average jeonse price per household for Seoul apartments has been on the rise: 613.15 million won in 2023, 658.55 million won in 2024, and 669.37 million won in 2025.
As a result, tenants face a growing burden from both deposits and monthly rent. In 2022, the average deposit and monthly rent for quasi-monthly rent in Seoul apartments were 99.43 million won and 1.28 million won, respectively, but last year the deposit surpassed 100 million won to 113.07 million won, increasing the upfront cost burden, while monthly rent also rose to 1.49 million won.
Amid this, Real Estate R114 noted that tighter financial regulations on jeonse loans have worsened tenants' financing conditions, leading to a trend of choosing contracts that combine monthly rent while maintaining a certain level of deposit. Landlords also appear to prefer quasi-monthly rent over pure jeonse or pure monthly rent, taking into account the jeonse-to-monthly rent conversion rate of around 4.7% (as of Oct. 2025), which far exceeds market deposits interest rates in the 2%–3% range, and the potential for higher future holding tax burdens.
A Real Estate R114 official said, "As demand-side funding burdens and landlords' pursuit of revenue align, quasi-monthly rent is emerging as a core contract type in Seoul's monthly rent and jeonse market," adding, "With a decline in Seoul apartment move-in volume anticipated, the expansion of quasi-monthly rent is likely to continue for the time being."