Singer and TV personality Lee Sang Min recently made headlines by signing a monthly rent contract for an apartment in Yongsan, Seoul, without paying a deposit.

According to a report from TenAsia on July 17, Lee Sang Min finalized the contract for a 51-pyeong (1814.74 sq ft) apartment located on the 20th floor of a Yongsan apartment building in January. Moving in with a monthly rent of 5.6 million KRW (~4,428 USD) and no deposit, Lee Sang Min secured a favorable deal. The recent sale price of a similar-sized property in the area was 1.825 billion KRW (1.4 million USD), making the monthly rent of 5.6 million KRW equivalent to a 3.63% annual revenue for the landlord. Experts consider the monthly rent to be reasonable given these circumstances.

A local real estate official explained to TenAsia, "In the case of a deposit-free agreement, it is highly likely that Lee Sang Min paid for a year or two in advance. This happens often in the area of Yongsan where a lot of foreigners and celebrities reside."

Lee Sang Min's new Yongsan residence was unveiled on the SBS variety show 'My Little Old Boy,' which aired on July 16. With a deposit of 50 million KRW (~40,000 USD) and a monthly rent of 2 million KRW (~1,600 USD) at his previous house in Paju, Lee Sang Min expressed his excitement by saying, "I'm back again." The Yongsan apartment, showcased by Lee Sang Min, stands out for its stylish and spacious living room, tidy kitchen, and picturesque view from the large windows.

During the show, Lee Sang Min disclosed that his current residence is also on a monthly rent basis and expressed his desire to build a California-style house with a swimming pool.

Over the past 18 years, Lee Sang Min has successfully paid off all of his 6.9 billion KRW (5.5 million USD) debt resulting from a business failure. He revealed that most of the debts were due to corporate financing, leading to the liquidation of his company and personal financial difficulties. Despite having the option to pursue legal assistance, such as corporate bankruptcy, Lee Sang-min chose to diligently settle his debts over an extended period, earning widespread praise.

Currently, Lee Sang Min remains active in various entertainment programs, including 'Heart Signal 4', 'Knowing Bros,' 'My Little Old Boy,' 'Dolsing Fourmen,' 'The War of the Roses,' and 'Men Who Top The Charts.'