South Korea — Property: Rental Market

Key facts

• A tenant may request renewal within the prescribed period, the landlord cannot refuse without good reason, the right can be used only once and the renewed term is deemed two years.
• If the landlord fails to notify refusal of renewal within the required window, the lease is deemed renewed on the same terms.
• Refusal grounds include the landlord needing to live in the unit or the tenant seriously breaching obligations.
• The 5% rent increase cap was not confirmed in these results (a 5% reference exists in the private rental housing act), so verify Article 7 and agent fee rules.