Dispatch #079
Teach What You Wish You Were Taught
Plenty of tenants hand over a rental deposit without knowing the simplest rules about it, even though those rules were written largely to protect them.
The landlord or agent is meant to keep the deposit in an interest-bearing account, and the interest belongs to the tenant. There should be a joint inspection when the tenant moves in, with existing defects written down and ideally photographed, and another joint inspection when the tenant moves out. At the end of the lease the landlord may deduct the cost of damage the tenant caused and any rent still owing, but the ordinary wear that comes from living somewhere for years is a different thing from damage.
None of this is hard to understand. It is simply rarely explained at the start, when it would help most, so tenants tend to learn it at the end, usually in the middle of an argument about a stained carpet or a cracked basin. A tenant who knows these rules on the first day reads the inspection list properly and keeps a copy, and then there is very little left to fight about when the keys go back.