A couple of months back I raised the hot topic of lost deposits on rental properties. The pros had their say of course and why not? Tenants are not against deposits in principle but there is weary resignation that they can kiss their deposit goodbye. For this reason many properties stay empty.
We walked away from several we were looking at - and they are still empty. Some wanted two months rental-deposit so a €500 tenancy requires €1,500 upfront and ’trust me’ on getting the €1,000 back. Dream on! Pull the other one.
Short-term greed is losing long term gain. A €600 pm property losing the security and maintenance of a tenant and €7,200 rent a year for a lousy €600. Duh!
Why raise the point again? Dear friends of ours, a hard-working couple with a perfect record of tenancy have just been fleeced of their deposit. They had placed a €1,100 (two months rent); left the house as they found it but only €500 was transferred to their account without even an explanation. Not surprisingly, she and her husband are fuming at the theft, for that is what it is. Nothing has changed my opinion, pay a deposit and presume to forfeit it.