1. What is a security deposit?
A security deposit is the amount of money paid by the tenant to the landlord before a tenant moves into a rental property. The payment is due back to the tenant at the end of their tenancy, once no violations of the agreement have occurred.
2. How much is a deposit?
The deposit amount is stated on the rental tenancy agreement. There are no legal guidelines on how much a landlord can request. The standard practise is one month’s rent to be provided by the tenant to the landlord up front.
3. How should I pay my deposit?
It is recommended that you avoid paying in cash and always request a receipt. There are security deposit services, like Deposify, you can avail of where your deposit will be stored securely during the duration of your tenancy.
4. When should I expect my deposit to be returned?
The security deposit should be returned to the tenant promptly after the tenancy has ended and the property has been inspected.
5. Why a deposit may be withheld
A deposit may be retained by the landlord if rent payment is not up to date, if the property is damaged above normal wear and tear, or if there is an outstanding balance on any utility bills. The tenant should always keep a copy of all utility bills to ensure the payment stated is what is truly owed by them.
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