The deposit is the security a tenant leaves against damage to the home and unpaid debts. Set up properly it protects both sides; left vague it becomes the most argued-over subject at move-out.
How much is asked for
In practice an amount between one and three months of rent is asked for. The parties set the figure; the law fixes no rate.
A high deposit narrows the pool of tenants. In a furnished home a higher deposit is seen as reasonable; in an unfurnished one it can drive tenants away.
How it is written into the contract
The amount of the deposit, the account it is held in, and when and on what terms it is returned are written down.
A reasonable period is set for the return, usually once the final bills are settled.
What may be deducted at move-out
Unpaid rent, unpaid service charges, outstanding utility bills and damage beyond ordinary use may be deducted from the deposit.
Ordinary wear cannot be deducted. Faded paint and worn taps are ordinary use; a broken window or a removed cupboard is not.
The one thing that prevents arguments: paperwork
An inventory list and photographs at move-in, and a check against that same list at move-out. Almost every dispute over a deposit arises because these two steps were skipped.
Meter readings should also be recorded in writing at move-in and move-out.
Related sections of this guide
- How is an inventory list prepared?
- What should a lease agreement contain?
- Handover, utility transfer and meter readings
Terms from the glossary
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