House Without Deposit Rent
Description
How to fill out Addendum To Apartment Lease Regarding Security Deposit?
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FAQ
Bigger rent bills: One important point is that, while you think you may benefit by not shelling out for a deposit, you could end up paying bigger rent bills. A ?no deposit? approach can be used to hook you in initially, but the agent or landlord will then simply push up the cost of the rent.
The Zero Deposit Guarantee allows you to rent your next home without paying an expensive security deposit, or you can unlock the money you have tied up with an existing deposit. Our no deposit scheme provides your landlord with more protection than a traditional deposit and only costs you one weeks rent!
When signing a new lease in Ontario, most landlords will request first and last month's rent upfront. Under the Residential Tenancy Act (RTA), first and last month's rent are the only rental payments a landlord is allowed to request from a tenant in advance.
Under the Ontario Landlord-Tenant Law, a landlord is prohibited from charging tenants a security deposit. A landlord can instead ask for a rent deposit. This rent deposit is an amount of money paid upfront. Landlords can collect a rent deposit equal to two months' rent to cover the first and last month's rental fees.
It's particularly beneficial for individuals who are new to the rental market, have a poor credit history or tenants who move frequently, as it eliminates the need to constantly save up for new security deposits (while the one previously paid is tied up!).
