Generally, the deposits required are –
- 1 month earnest/ booking deposit which will be utilized as 1st month’s advanced rental
- securities deposit, usually equivalent to 2-3 months’ rental as a guarantee of tenant’s performance of the tenancy terms and conditions,
- utilities deposit equivalent to 0.5-1 month’s rental,
- renovation deposit (if renovation works are involved) etc.
The types and amount of deposit may vary depending on landlord’s requirements.