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Key money is a concept unique to South Korea, but it's pretty similar to the standard deposit that property owners in most countries demand prior to signing a lease. The only difference is, the amount of key money you put down is up to you. That said, the larger the amount the less your monthly rental payments become. So it's actually more like a down payment than a deposit, I guess; but at the end of the lease you get the full amount back!
It's not necessary to always put down 'key money' when renting in South Korea, it's just recommended.
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