security deposit

Top Q&A related to security deposit in a PG accommodation

People who are new to renting an accommodation are generally not aware of the basic rental agreement terminology. So before we move on to discuss about the major queries surrounding security deposit, let’s first acquaint you with the meaning of the term itself. Security deposit is the amount that your landlord will keep as a deposit with the aim to recover their money in case you fail to pay the rent or cause any damage to their property. So basically, the security deposit keeps the landlord on a safer side in worst case scenario. Though most people are always interested in PGs that are available at minimum deposit, getting one is a task.

Now let’s get to the basic queries that people planning to rent an accommodation have:

Does security deposit amount vary for different properties?

Well, Yes! The security deposit amount for different properties in different cities varies greatly. If you plan to rent a property that’s high on demand in the market then the security deposit will be higher. Same goes in case of security deposit on properties in different cities as well. The security deposit amount for rental accommodation in Bangalore can go as high as 10 months’ rent while in case of Delhi it may range anywhere between 2-4 months of monthly rent.  But there’s a catch, you rent any property via Colive and the security deposit will never exceed from 1-2 months’ rent. Owing to the minimum deposit criteria, Colive is the millennial’s favourite destination for PG accommodation.

On what grounds is landlord eligible to deduct the Security deposit?

The basic reasons that can have your landlord seize the security deposit amount include damage to the rented property or the assets within the property premises, non-payment of rent or bills, terminating the lease before the said tenure or vacating the accommodation in a messy condition.

How to ensure minimum deposit on rental accommodation?

The short and crisp answer to this query is Colive! Even if you plan to rent a PG accommodation in the most expensive location of Bangalore, Colive will provide you the same at minimum deposit as compared to anyone else. The security deposit for all Colive properties ranges between 1-2 month’ rent.

How to get the full deposit back?

The best way to get the full deposit back is by ensuring good conduct during your stay tenure at the rental accommodation. If you don’t give your landlord a reason to deduct the security deposit; you can definitely get it back in full.

Hope we answered all the queries related to the security deposit amount. Best wishes from our side for searching the PG accommodation with minimum deposit so you don’t end up blocking reasonable amount of your hard earned money.

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