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Dear Debbie,
When we did the yearly increase in rent in the past, we never increased the deposit. We are aware that there are Managing agents who do this and include it in the addendum. We have informed some of our tenants of the ‘top up’ of their deposit. Some understand, but some are very difficult.
What is the correct way to go about it legally, and how do we motivate it without offending the tenant, what would the Rental Housing act expect of us ?
Thank you for your help,
Regards
Marise
REPLY:
Dear Marise
The Tribunal has no objection to increasing the deposit in line with the rent. To have it as a clause in the Agreement of Lease is the best as you will then have no problems with tenants as they will be aware from the beginning what is expected of them once an increase is implemented. |
