1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this paper is to define the factors affecting the rents of rental housing for the expatriates residing in U.N.Village, which is a gated community located in the heart of Hannam-Dong, Seoul. (2) RESEARCH METHOD Actual transaction data was collected for period between 2011 and 2012, and the main tool of analysis that we employ is the Path Analysis model. (3) RESEARCH FINDINGS The analysis show that the most important element influencing the rents of rental housing for the expatriates is the size of residence among housing characteristics. And monthly management fees and the number of parking lots for each unit are found to be the second and the third determinants of the rents. 2. RESULTS This study identifies residence space is the key determinant not only to the rents of rental housings for foreign residents but also to the transaction price of housings for local residents.