{"id":111100,"date":"2024-04-08T08:00:58","date_gmt":"2024-04-08T06:00:58","guid":{"rendered":"https:\/\/colivys.com\/?p=111100"},"modified":"2024-03-28T12:42:39","modified_gmt":"2024-03-28T11:42:39","slug":"rental-security-deposit","status":"publish","type":"post","link":"https:\/\/colivys.com\/en\/blog\/rental-security-deposit\/","title":{"rendered":"The ultimate guide to security deposits in rentals"},"content":{"rendered":"\t\t
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Embarking on the rental adventure and encountering an unfamiliar term?! <\/span><\/i><\/p>\n

If “security deposit” seems as vague to you as a complex math equation, don’t panic! With this guide, the security deposit will have no more secrets for you. This amount is paid by the tenant to their landlord upon signing the lease. But far from being a mere formality, <\/span><\/i><\/p>\n

it’s a safeguard against unpaid rent or possible damages to the property. We’ll detail everything, from the typical amount requested to the return process, which must occur within a specific time frame after the keys are handed over. In this article, we will also discuss the crucial difference between a security deposit and a guarantor. Often confused, the latter is a sum that remains as backup support. <\/span><\/i><\/p>\n

The guarantor is not systematically paid. And because the life of a tenant is full of little and big adventures, you’ll find a range of tips to ensure the return of your security deposit is as smooth as the signing of your contract. Ready to become a rental pro? Follow the guide!<\/span><\/i><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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What is a security deposit?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Let’s dive right into the heart of the matter. The <\/span>security deposit<\/b> is that significant <\/span>amount <\/b>you pay to the <\/span>landlord <\/b>upon moving into your <\/span>accommodation <\/b>and signing your <\/span>lease<\/b>. <\/span><\/p>\n

F<\/span>ar from being a mere formality, it’s a key element that secures the transaction for the <\/span>owner<\/b>. Think of it as a kind of financial handshake that says, “I will take good care of your property.”<\/span><\/p>\n

In practical terms, this <\/span>amount <\/b>is most often equal to 1 month’s <\/span>rent <\/b>for an <\/span>unfurnished <\/b>property, and sometimes double for a <\/a><\/span>furnished one. This <\/span>sum <\/b>is there to cover potential damages, beyond normal wear and tear, and possible future repairs or to compensate for unpaid <\/span>rents<\/b>. In other words, if things go south, the <\/span>landlord <\/b>has a little reserve to avoid any nasty surprises. <\/span><\/p>\n

Rest assured, the landlord can’t just do whatever they want with your security deposit. The law strictly regulates its use. It’s not up for the landlord to use at their discretion or to divert a portion for other unintended purposes. At the <\/span>end of the <\/span>lease<\/a>, and after a compliant <\/span>exit inventory of fixtures<\/b>, the deposit is returned to you, except in the case of justified damages.<\/span><\/p>\n

Be careful! It should not be confused with a “<\/span>guarantor<\/a>” as they are quite different. A <\/span>guarantor is a commitment made by a third party to cover any <\/span>rent arrears if necessary. The <\/span>landlord <\/b>might opt for a <\/span>guarantee solution like the <\/span>Visale<\/b> guarantee<\/b>.<\/span><\/a><\/p>\n

This <\/span>guarantee<\/b>, provided by the national public institute <\/span>Action Logement<\/b>, covers you in front of your <\/span>landlord in case of unpaid <\/span>rents. The security deposit, on the other hand, is money already paid, ready to be used if needed. If you’re struggling to gather this potentially significant amount,<\/strong> aids like the <\/span>FSL<\/b> (Housing Solidarity Fund) are there to support you and <\/span>help <\/b>you move through this stage more peacefully.<\/span><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Security deposit payment terms<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The security deposit cannot be paid at the whim of either the recipient or the <\/strong><\/span>tenant<\/strong>.<\/strong> While there’s no fixed date for payment, as mentioned earlier, it must be paid upon signing the <\/strong><\/span>lease<\/strong>. It’s a mutual exchange of good faith between the tenant and the <\/span>landlord.<\/span><\/p>\n

The <\/span>security deposit can be paid either by bank transfer or by check<\/strong>. Make sure to keep a written record of this payment to avoid any misunderstandings. The <\/span>amount of the security deposit is also regulated and capped.<\/p>\n

For instance, Article 22 of the Law of July 6, 1989<\/strong>, states that for an unfurnished rental, it cannot exceed one month’s<\/strong> rent excluding charges<\/a>. However, for a furnished rental, the amount can be up to two months<\/strong>‘ rent excluding charges at most.<\/p>\n

Here we explain the differences between a furnished and unfurnished apartment.<\/a><\/p>\n

Recognizing the difficulty of gathering this amount, especially for younger tenants, some landlords or companies like Colivys<\/strong> only require one month’s rent<\/strong>. It’s our way of making accommodation more accessible to everyone. The deposit is kept by the landlord, who may choose to cash it immediately or not.<\/p>\n

Its use is strictly regulated. Although the property is an investment for the landlord,<\/strong> they cannot use the deposit unjustifiably.<\/p>\n

The security deposit can only be used for specific costs such as:<\/p>\n