Rent increase versus tenant retention for a Seoul apartment

B

bikesAndEcho

Homeowner
Established
The current monthly rent is about ₩2,092,000, while comparable asking rent appears close to ₩2,323,000. The tenant pays reliably and takes good care of the apartment, so I am reluctant to chase the full difference and create turnover, vacancy or refurbishment costs.

Would you offer a smaller adjustment at renewal, leave it unchanged, or move toward the asking level? I also want to handle notice and any deposit implications correctly under South Korean rules without damaging a good relationship.
 
I would lean toward a smaller increase rather than the full ₩231,000 gap. Even one vacant month could consume much of the additional annual income, before cleaning, repairs or the risk of a less reliable replacement. Explain the market comparison, give proper notice, and offer a figure that visibly shares the value of avoiding turnover.
 
How comparable are those asking rents? Same building or neighbourhood, similar floor, size, condition and deposit arrangement? An advertised figure is not necessarily the rent eventually agreed. I would also look at how long comparable apartments remain available, because the retention calculation changes considerably if vacancy is likely to be more than brief.
 
I would be more cautious than Noor about choosing a number first. In South Korea, the lease terms, renewal timing and local restrictions matter, and a change in monthly rent may interact with the deposit structure. Confirm what is permitted and what notice is required before opening negotiations. A modest proposal is not fair or useful if it cannot be implemented as planned.
 
Agreed on checking the contract and rules first. After that, I would compare the certain value of this tenant with the uncertain asking figure: payment history, maintenance history, likely vacancy, preparation costs and letting effort. It may help to calculate several outcomes—no increase, a partial increase with retention, and full market rent after one or more vacant months—rather than treating ₩2,323,000 as automatically achievable.
 
A practical sequence would be: verify genuinely comparable completed or current listings, read the renewal and deposit terms, confirm the applicable notice and increase rules locally, then speak with the tenant well before the deadline. Present the adjustment as a proposal, not a surprise. If retention is the priority, you could pair a below-market increase with a clear maintenance plan or a longer period of rent certainty, provided the final arrangement complies with the lease and local requirements.
 
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