Rental deposits: 4 things to know about getting yours back

Africa Melane speaks to Ynnis Willson of Rental and Rental Management at Jawitz Properties.

Listen below:

Rental deposits can be a bit of a headache sometimes, Willson shares what you need to know:

Landlords aren't legally required to put your deposit into a trust account...

The Rental Housing Act provides for the deposit to be invested in an interest-bearing savings account.

At the end of the lease term, the landlord is liable for the original deposit amount plus interest.

A specific type of account such as a 'trust account' does not have to be used to store your deposit.

Tenants can request a 'statement of interest' on their deposit during the lease agreement...

According to the Rental Housing Act, there's 'no specific legal requirement' that a specific amount of deposit should be paid, only that landlords can request a deposit (up to several months in advance) upfront, says Willson.

Tenants are expected to pay rent up until the conclusion of the lease...

Once the landlord inspects the house and is satisfied with its condition, only then are they required to return your deposit with interest. 

When can deposits be expected? 

If there's been no damage to the property, the deposit should be returned seven days after the tenant has exited.

If there is damage, the landlord has 14 days after restoration to return the deposit.

"The landlord's responsibility is wear and tear which in itself is an open-ended scenario but the landlord is not responsible for damage created by the tenant... and for the landlord to deduct that money from the tenant's deposit, they have to prove that they have incurred the expense of repairing those damages, so they need to provide the tenant with a quote and proof of payment thereof to show that the restoration has taken place."

- Ynnis Willson, Rental and Rental Management - Jawitz Properties

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