Renting - standard security deposit in HK?

Posted by dadda (81 days ago)

I have been in HK for 8 years, 5 of them in the place I now live. I want to move to a different apartment in the same building, and the owner (owns the entire building) wants 3 months secuity deposit. I have had 2 months deposit with them for 5 years. They want 1 more month when I move.

Seem odd to any of you??

We are talking about HK$183k deposit. I don't get housing allowance & that is a lot of money!!

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Posted by MarathonHK (81 days ago)

I ve always only paid 2, and thought this was standard in msot countries I ve been to, not just HK.

Posted by HK'sUndesirables (81 days ago)

Yes two months in a standard security deposit, though I have heard of landlords asking for up to six months, which is very greedy. Is there an air of CC here? If I were you I would move elsewhere.

Posted by Digital Blonde (79 days ago)

yes it is odd

tell him to pi*s off and that you aren't paying the last two months rent, which is what I have done every time. They don't like it, but as long as you are not taking the p*ss, there is not a lot they can do. They could try legal, but ultimately it is better and cheaper if they come in advance settle any payments that need to be made with me amicably which I allow for, and then keep the cash. Which is the option I give them.

I would tell the landlord you are squatting, and for him to amicably settle any outstandings. Don't under any circumstance give him more money, unless it is specifically for some damage you agree is your liability.

Posted by Digital Blonde (78 days ago)

Sorry i misinterpreted, I have just re read your initial post, and realised you want to rent from the same owner who is asking for a larger deposit for the new flat.

is it odd, yeah, but its not unreasonable. He or they may have changed their policy and it is their right to do so. It is up to you whether you want to comply with it.

Posted by dadda (77 days ago)

DB, was hoping you had misinterpreted the post. I thought your reply was slightly out of character.

The owner has the entire estate 350 apartments in all. If he is getting 61k extra from each unit he then has HK$21mln in his account free of charge & pays us no interest. Not a bad deal for him.

Spoke to other people in the building. They are all paying the extra on resigning the contract. Will continue to fight it but may not win.

Posted by sv1 (76 days ago)

we have just moved to hk and have been asked for a 3 month deposit as well. Apparently if you are self financing and not getting a housing allowance from a company- in other words a personal contract as opposed to a company contract 3 months is standard. If it is a company contract it is 2 months- seems unfair to us too but I guess the landlords are covering their backs dt the amount of runners that have happened recently.

Posted by cara (76 days ago)

i've ONLY ever paid 2 months deposit, plus the first month's rent. are you sure that is not what you are being asked for, sv1?

i've signed 8 leases since i've been here and i've NEVER been asked for 3 months worth of "deposit".

Posted by dadda (76 days ago)

yes I am sure. 3 months deposit + 1 month rent in advance

Posted by cara (76 days ago)

your landlord is crazy! there are not many people around that have that kind of cash, especially now! i know, for us, paying the rent is never a problem, but coming up with so much for deposit always causes us grief.

ps> i was sure about your posting, dadda... the person i thought might be mistaken was sv1

Posted by sv1 (76 days ago)

Yes I am sure- we gave one month deposit upfront and then 3 months on signing the contract- the first mont deposit was our first months rent