Wolse (monthly rent)

Wolse is the Korean monthly-rent lease: you pay a deposit (usually much smaller than jeonse) and rent every month. The deposit is still protected by the Housing Lease Protection Act in the same way as jeonse.

Monthly rent counts when working out the legal maximum agent fee: the deal amount is the deposit plus rent × 100, or deposit plus rent × 70 if the first sum is under ₩50 million (Enforcement Rule of the Licensed Real Estate Agents Act, Art. 20 and Annex 1).

If part of the deposit is converted into monthly rent during the lease, the conversion rate is capped (Art. 7-2).

Legal basis

Housing Lease Protection Act (주택임대차보호법), Art. 7-2