What happens with a tenant’s rental deposit?
11 October 2018
This deposit is placed into a trust account and the interest accrues for the benefit of the tenant over the duration of the lease.
At the end of the lease, the tenant should give notice to the landlord if they intend to move out. Should the tenant vacate the premises at the end of the lease, the deposit together with interest will be returned to the tenant provided that there are no damages and all amounts due to the landlord have been paid.
If there are damages to the property, then the deposit will be used to pay for repairs for such damages and the balance returned to the tenant.