When renting a room, flat or house it is now standard practice for a Landlord to ask for a deposit in addition to the first months rent. But why and how much of a deposit should you pay?
The main reason you will be asked for a deposit is that it gives the landlord some sort of security or … protection for example, if you fail to pay the rent or bills or in case you cause some damage to the property e.g. ruin couches, breakages, FIRE(S!), the landlord can use your deposit to pay for any expenses you might stack up and not pay for!
How much the deposit you have to pay will be decided by the landlord, but in Ireland the standard deposit is one month’s rent. This means if your monthly rent is €500, your deposit will be the same amount i.e. €500. So in summary you will have to pay a total of €1000 prior to or on the day you move in.
Sometimes a landlord can request a 6 week or 2 month deposit, so it”s important to ask how much it will be when viewing a rental property. When you have decided on somewhere to rent make sure to get receipt of payment in your rent book to keep a record of how much you paid and the terms of when it will be returned!