BUDGET & FUNDING
What's a security deposit?
You've just moved and now you've got to manage all this paperwork. Your landlord keeps talking about a security deposit and you've no idea what that is. Welcome to adulthood! Don't panic! Nemea Appart'Etud is here to shed the light on your rights as a tenant. Here's a little recap of the documents you need to supply for a student rental flat.
How does the security deposit work for student accommodation?
Also simply known as a deposit, the security deposit is an amount the tenant has to pay in case of any damage or missed rent payments. It is paid when you sign your contract and acts as an additional layer of security for your landlord. If you're someone who looks after things (and we're sure you are), you'll get the money back at the end of your rental period.
You're no doubt wondering the maximum amount your landlord can ask you to deposit? For unfurnished accommodation it cannot be more than one month's rent, excluding bills. If you are renting furnished accommodation, the landlord can ask for one to two months' rent excluding bills.
Finding financial help to pay your security deposit
As a security deposit is an advance you have to add to your rent, there are certain ways you can cover it:
- Loca-Pass assistance: a 0% interest loan for 25 months for employees in the private sector (excluding agriculture), people aged under 30 or working students.
- Le Fonds de Solidarité pour le Logement (FSL): for people with financial hardship
Let's take a look at your rights
The security deposit can cause issues at the end of your contract, both in terms of proving any damage and getting your money back.
Here's a little recap: the security deposit should be returned within a maximum of one month if the inventory shows the property is returned in its original condition. If this is not the case, the landlord has two months to return it via bank transfer or registered letter (don't forget to leave a forwarding address if you want to see your money again!). If this time frame is not respected, the total is increased by 10% of the monthly rent.