Wolse? Jeonse? Same Light, Different Voltage

Hey cuz,

Remember that “deposit shock” we talked about last time?
All those zeros that made you question your life choices?

Turns out it’s not a monster, ya?
Just insurance math dressed in hanbok. kkk

So you asked whether Jeonse means rent-free.
Not quite..
Jeonse and Wolse are the same light.
Just dimmed to different voltage.

Hand me one of those odeng sticks and hear me out.

The deal dimmer switch

In Korea, landlords don’t really think in “monthly rent.”
They think in balance: how much capital they hold vs. how much cash they collect every month.

It’s a sliding dimmer between deposit and rent.
More deposit -> less rent
Less deposit -> more rent

Same total brightness in their wallet, though.

Let’s go with something you’ll actually see in Mapo:
₩10m deposit + ₩1.2m rent ≈ ₩50m deposit + ₩1m rent.

Same house. Same landlord.
Just different deal structures.

You’re choosing where you want to feel the burn.
Upfront or monthly.

Here’s the quick rule locals use:
Every ₩10m deposit trades for around ₩50k in monthly rent.

Not always, though, cuz.
It shifts with the Bank of Korea’s base rate, the landlord’s loan, and even their tax position.
But it’s close enough to let you understand value of different listings.

Not three species, just one organism

People talk about Jeonse, Ban-Jeonse, and Wolse like they’re three different creatures.
They’re really just one system.
Just with 3 moods of the same deal.

• Jeonse (전세): all deposit, no rent.
• Ban-Jeonse (반전세): half and half.
• Wolse (월세): mostly rent, small deposit.

That’s it. One organism shifting shape depending on what the landlord wants more: capital today or cashflow tomorrow.

Why they want different balances?

It's the life stuff, cuz...
Their age, income strength, loan pressure, interest rates, tax position, etc.
All of it quietly tilts the deal one way or the other.
Every listing is just their preference showing through the numbers.

Once you see it that way, the whole maze starts to make sense.

The rent hiding inside

Even in full Jeonse, there’s still invisible rent cooked into that big deposit.
Tax offices actually calculate it.
They call it ascribed rent (간주임대료).

Roughly 3% a year now.
So if a landlord holds, say, ₩400m, the tax office treats it like he’s making around ₩1.1m/month from it.

You don’t need to calculate it.
Just know there’s a shadow rent baked into every Jeonse.

The Bitcoin story

One of my early clients, Will from NJ, came chasing that “legendary Jeonse deal.” kkk.
He’d heard Korean friends brag: “No rent, bro! Just deposit and chill.”
Sounded magical.
Until we ran the numbers.

Once we factored in loan interest, early-exit risk, and what that deposit could’ve earned elsewhere, the glow faded.

He ended up choosing Ban-Jeonse.
Smaller deposit, light rent, and much more freedom.

Half a year later, he goes:
“Bro, thank god I kept that cash in Bitcoin.”

We both laughed.
Because that’s exactly it.
The best deal isn’t about numbers; it’s about rhythm.

Lifestyle over IQ

These contracts aren’t IQ tests on neither landlord nor tenant side.
They’re just lifestyle mirrors.

• Jeonse hugs you tight but ties your cash.
• Wolse lets you drift, sometimes too loose.
• Ban-Jeonse? One foot anchored, the other swimming the current.

The smartest move is the one that lets you sleep easy on rent day.

So, when you scroll through listings, don’t just look at price.
Ask yourself:
“Does this landlord want capital or cashflow?”

That single question can give you such a wide variety of search options and tell you how flexible the deal can be.

You done with your odeng?
Cool, cuz.
Relax, ya. You’re figuring out this place, one chat at a time.

--Cousin JK