Lease extension -> Security deposit adjustment?

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talan_z
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Lease extension -> Security deposit adjustment?

Post by talan_z » Fri, 24 Nov 2017 11:08 pm

Hello everyone,

I'm about to sign a lease extension of my current lease. Current rental is SGD4300, now going to be 3800. I paid 2x4300 as Security deposit. Is it standard practice to adjust the SD to 2x3800 and give a refund? The extension is only for a year.

Thank you!
Talan

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PNGMK
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Re: Lease extension -> Security deposit adjustment?

Post by PNGMK » Sat, 25 Nov 2017 8:16 am

talan_z wrote:Hello everyone,

I'm about to sign a lease extension of my current lease. Current rental is SGD4300, now going to be 3800. I paid 2x4300 as Security deposit. Is it standard practice to adjust the SD to 2x3800 and give a refund? The extension is only for a year.

Thank you!
Talan
There should be an adjustment but what it is is what you negotiate.
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x9200
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Re: Lease extension -> Security deposit adjustment?

Post by x9200 » Sat, 25 Nov 2017 9:43 am

talan_z wrote:I'm about to sign a lease extension of my current lease. Current rental is SGD4300, now going to be 3800. I paid 2x4300 as Security deposit. Is it standard practice to adjust the SD to 2x3800 and give a refund? The extension is only for a year.
I always do it, adjust the amount, including, if the contract goes from 2y to 1y term, the adjustment should be to 1x3800. Never had any problems with that but this is what you have to agree with the landlord and some of them are not exactly reasonable.

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