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Nah Sooyeon (29), currently working as an intern in Germany, has moved three times just this year. Recently, she secured a room for 600 euros a month through a Zwischenmiete (a German term for a sublet where the current tenant finds a temporary tenant for a short period) with another Korean. The room belongs to a Korean who is on a three-month business trip to Austria. Nah said, "When the exchange rate first started to rise, it was about 1,590 won, but now it has surpassed 1,650 won, so living expenses are becoming more and more burdensome." She added, "Although moving frequently is tough, being able to move into a furnished room by just paying a deposit without a broker's fee reduces the initial financial burden."

Inquiry about short-term rentals posted in the German-Korean community. Screenshot

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As the value of the Korean won continues to fall, Koreans living abroad are tightening their belts. On November 5, the won-dollar exchange rate climbed to 1,450 won during trading hours, reaching its highest point in seven months, while the won-euro rate also continued its long-term upward trend, surpassing 1,662 won. The dollar index recently exceeded 100, marking the highest level since August.

Faced with an exchange rate that shows no sign of dropping, Korean students studying abroad are coming up with their own solutions. The most common is entering into short-term rental agreements with other Koreans to reduce housing costs. Typically, local Koreans who are current tenants sublet their rooms to students or professionals looking for short-term stays when they have to leave for business trips or visits to Korea. In English, this is called a sublet, and in German, it is known as Zwischenmiete. For the original tenant, it helps cover rent while the room is vacant, and for the subtenant, it offers a more affordable alternative to hotels or other accommodations.

Some people are skipping meals or finding others to share taxi rides with in order to save on living expenses. Kang Eunsung (23), who has been an exchange student at a university in Washington, D.C. for three months, says that even buying two cups of coffee a day is a luxury, and she often ends up spending a lot of time on public transportation. Kang said, "Because buses in the U.S. have long intervals, I often need to take taxis, but even a 15-minute ride feels expensive, so I try to find people to share with or sometimes take a two-hour bus ride instead." She added, "Instead of buying new clothes, I shop at vintage stores, and I split laundry costs by sharing the washing machine with friends." Sung Sooyeon (24), a student studying in Barcelona, Spain, said, "I feel like I'm becoming someone who doesn't know what eating out or shopping is," and confessed, "As the exchange rate rises, the first digit of my rent has changed compared to when I first signed the contract, so I pay it with tears in my eyes."

Lee Geonhak (55), a goose dad who sent his family to Canada for studying abroad, said, "I am sending an additional 200,000 to 300,000 won on top of the 2 million won monthly rent," adding, "On top of that, I also send 1 million won for living expenses, so it is definitely a burden."

Lee Geonhak (55), a goose father who sent his family to Canada for studying abroad, is also feeling the growing financial burden day by day. Lee said, "I am sending an additional 200,000 to 300,000 won on top of the 2 million won monthly rent," adding, "I also send an extra 1 million won for living expenses, so it is definitely a burden." He continued, "With tuition fees for my high school and college-aged son and daughter also on the rise, my family is trying to get by with only the bare minimum in Canada, cooking at home instead of eating out." He added, "We've come this far, so we are determined to see it through to the end, and saving is the only answer."

Kim Jeongsik, Professor Emeritus of Economics at Yonsei University, explained, "When the exchange rate goes up, exports increase, but purchasing power falls, making life more difficult for ordinary people." He added, "People who bring money from Korea or live on money sent by their parents face greater hardships." Professor Kim also noted, "Although stock prices are temporarily rising due to market liquidity, the domestic economy is not doing well, so more people are looking to invest abroad, which is also contributing to the rise in the exchange rate."