rental properties, rent deposit, Landlord, security deposit return, landlord disputes, security deposit deductions, security deposit refund
Security

The 3 Dark ‘Ds’ Of Independent Rental Properties – Deposit, Deduction, And Dispute

Taking the big decision of moving into a new city is hard, we often do this for growth and a better future prospect. But underneath remains many unacknowledged truths, “Renting” of course is one of the top ones. Starting from hunting the appropriate house to vacating it and claiming the deposit back, all-in-all Renting an apartment is one herculean task.

Locating rental properties suiting your lifestyle is difficult for every individual, it becomes even more complex for single men/women and those with pets. And once the property is discovered, starts the landlords’ tantrum and their unrealistic demands. Here we underline the 3 dark sides of independent rental properties:

 

Deposit, Deduction & Disputes – The 3 Dark ‘Ds’ Of Independent Rental Properties

 

1. Deposit

Tenants are ready to pay a suitable rent for a property but the sky-high security deposit demands are one of the main hindrances. In cities like Bengaluru, landlords demand 10 months’ rent, which many times is a pain for prospective tenants. For young tenants in such situations, they either end up taking loans or they compromise and choosing other options of living, like hostels and PGs which are often not decent choices. As per The Hindu, online petitions have been signed with almost 25000 signatures where tenants demand that security deposit should be capped at three months’ rent. But this petition is still to be approached to the High court.

 

2. Deduction

While signing the rental agreement, tenants pay a heavy deposit which according to the agreement has to be returned to the tenant while leaving the property. Claiming the security deposit itself is one big task. And once it is claimed, tenants need to suffer heavy deductions. There is a number of queries online which depicts the pain of tenants while recovering the security deposit.

As per a tenant, landlord deducted heavy amount from his security under the name of painting a 2 BHK. Another tenant says, “I made an initial deposit of Rs 70,000/- as security. Now I’m vacating it and I had given the owner 1-month advance notice. But the owner told me that he would deduct 1-month rent (Rs 12000/-) extra as a penalty for leaving the house within 11 months. However, no such thing is mentioned in the Agreement”. Also, there are few cases where the prospective tenant pays the deposit and due to last minute call, if he/she unable to move into the property, landlords deduct a huge amount for no reason.

 

3. Dispute

Every property undergoes some normal wear and tear, and no deduction should be made for the same. But here the question arises who will decide that it is regular or unavoidable wear and tear. Here arises the dispute. Despite regular cleaning of the property and giving it back in a good condition, landlords generally win this war. Reason being, most of the tenants neither have time nor money to file a case and to take this at a legal level.

 

How CoLiving Addresses These Issues?

 

CoLiving is easy in many ways. First you can get your preferred location on the tap of your fingers; second, you get to live in a community of like-minded people and third you need not get into the hassles of solving security deposit disputes with your landlords. Here the before and after inspection of the property is done by professionals and they never let you down. As per Forbes, the rent and security deposit in CoLiving is negligible and it’s becoming a new normal in big cities.

CoLive offers Branded, Serviced, Homes at posh localities in Bangalore, Chennai, Coimbatore, Madurai, Thanjavur, and Vellore. Students, young professionals, DINK couples or senior citizens can rent fully furnished apartments with luxury amenities at reasonable rates.

CoLive makes renting hassle free. To know more visit www.colive.com or contact us at 7676000500.

Leave a Reply

Your email address will not be published. Required fields are marked *