Everything You Need To Know About Security Deposit In A PG/Hostel

If it ain’t an important thang, you wouldn’t be here reading about security deposits and all, would you? Obviously not. But we get you. You must be leaving your hometown for the first time to anchor down in another city. So it explains why you’d take a break from doing fun things on the internet and pick something so boring like reading up about security deposits. But to make sure we don’t bore you to death, we’ll make this quick and serve you the info y’all want.

But hey, hey, hey, before we speed up, we’ve got to tell you why you should trust our word. It’s because we’ve been doing this for quite a while now, i.e managing more than 450+ Stanza Living residences in 24+ cities for young migrants like you. So we’ve figured out what kind of problems you face. And these money matters are definitely one of them. Something they don’t teach you in school. Now, move on and bookmark this page. So finding it in times of need is not hard. Unlike how hard it’ll be to get your security deposit back from your landlord.

What’s a Security Deposit?

You see, the security deposit is an important thing to keep for your landlord. To ensure they can recover their money in case the tenant fails to pay the rent or causes damage to the rented property. Now, you might not be the kinda person who’ll flee away after doing such a thing. But there are folks who do. So this is the safety net that landlords use. Just like you’d opt for ‘cash on delivery’ at a not-so-popular online clothing store. So you don’t lose anything even if they never send you the items.

What is the Trend of Security Deposits in Different Cities?

No city or locality follows a singular trend of taking security deposits. But one thing’s for sure, the higher the value of the property – or its demand in the market – the higher is the security deposit. For example, in some areas of Bangalore, the security amount can be as high as 10 months’ rent. In Mumbai, it may equal to six months of rent. And in Delhi, it amounts to two months of the monthly rent. But whatever you and your landlord end up agreeing on, make sure it’s validated by a rent agreement.

Why is it Important to Sign a Rental Agreement?

Because without it, it’ll be your word versus your landlord’s, if any sort of conflict happens during your stay or after you decide to move out. And we all know who’s likely to win in that case. So with a rental agreement, the terms of your security deposit will be laid out in the law, so you’re safe in case the landlord takes a 180-degree turn on their word.

Now, if a landlord doesn’t talk about a rental agreement, that’s a major red flag. So make sure to tell em that it’s an inexcusable thing. And if the landlord’s genuinely unaware about it, you can make your own rental agreement online or find a lawyer who could help you with the same. Got it?

What are the Possible Reasons that can Lead to the Deduction of a Security Deposit?

For starters, if the room you rented looks like Anurag Kashyap shot a fight scene there by the time you move out, then be sure to say goodbye to your security deposit. For all the other reasons, take a look down below.

• Damage to the rented property
• Damage to anything that’s within the landlord’s premises
• Unpaid rent
• Unpaid utility bills
• Breaking your lease early
• Leaving the place in a mess when you move out

How do I Ensure that I Get the Security Deposit Back in Full?

To get your refund of the security deposit in full, all you gotta do is be a goody, goody tenant during the time of your stay. Plus, while you’re at it, make sure you document it so you have proof to show it to your landlord too. We’ve made a checklist for you to keep everything in mind though. You can keep this as a screenshot among your scandalous ones in your phone gallery.

• Document your property for prior damages when you move in
• Keep your apartment in good condition
• Follow the proper move-out process
• Document and cross-check your property upon moving in
• Do a move-out walk-through with your landlord and present

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