What is a security deposit?

Landlords

Property Management

You cannot ask for upfront payments of more than 2 month’s rent when renting out a property. This includes a deposit of a month’s rent and one month’s rent in advance. This came in under the Residential Tenancies (No.2) Act 2021. Students in student-specific tenancies can opt-out of this restriction and pay a larger upfront payment if they want. However, this opt-out is only allowed if the student is paying rent and tuition to the same provider, such as a public or private educational provider. 

You can only withhold a tenant’s deposit if: 

● The tenant has not given you proper notice when ending the tenancy ● You have been left with unpaid rent or outstanding bills, for example for electricity or gas 

● The tenant has caused damage beyond normal wear and tear 

The Residential Tenancies (Amendment) Act 2015 provides for a tenancy deposit protection scheme, where the RTB would manage and hold deposits for tenants and landlords. These provisions are not yet in effect. 

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