Every time I visit a new city, I try to just relax.

​But after 22 years in the real estate business, my brain has other plans.​ Seoul completely hooked me with how they handle renting. They have this system called Jeonse (전세) that blew my mind.

​Instead of writing a check for rent every month, you hand the landlord a massive upfront deposit—somewhere between 50% and 80% of what the home is actually worth. Then, you live there rent-free. When you move out, you get every single penny back.
​The catch? The landlord takes that lump sum, invests it, and keeps the profit. So, you're essentially giving them an interest-free loan in exchange for a roof over your head. It’s a whole real estate market built on mutual trust rather than monthly bills.

​But things are getting shaky. Between low interest rates and a recent wave of deposit scams, people are starting to question if the system is sustainable. It’s a powerful reminder that models like this only work when trust goes both ways.

​It makes me wonder—could you ever see something like Jeonse working in Europe? Or are we just a bit too skeptical of each other?

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