Bond & Rent Payments

Bond & Rent Payments

What is a Bond?

A bond is a security deposit paid by the tenant at the start of a tenancy. It’s held by Tenancy Services, not the landlord, and is used to cover any unpaid rent, damage beyond fair wear and tear, or other breaches of the tenancy agreement. If there are no issues at the end of the tenancy, the bond is fully refunded. The maximum bond a landlord can request is equivalent to four weeks' rent, as per the Residential Tenancies Act 1986.

Paying your Bond

The bond must be paid before the start of your tenancy. The bond amount must be paid in one transaction. Partial payments will not be accepted, and if a part payment is transferred, we will be in touch to refund this.

Paying Your Rent

We recommend setting up a joint flat account to manage rent and shared bills easily. This helps keep track of payments and ensures everyone contributes on time. Please use the payment details in the photo to the right when paying your rent. If you’re experiencing difficulties paying your rent or anticipate any issues in the future, notify your property manager immediately. Please note that you cannot withhold rent payments due to maintenance, repairs, or issues with your property.

Rent in Advance

The term, "rent in advance," can be a bit tricky because of its name, causing confusion for tenants, especially when their lease is ending. It doesn't mean you can skip paying a week(s) of your lease. Instead, it simply means you're required to pay your rent before it's due. So, paying 'rent in advance' is like buying the time you'll be staying in the property before actually living there – it's a 'pay before you stay' arrangement. If you move in on a Friday your rent must already be paid up to and including the following Thursday night (a week in advance). Your next rent payment is due that day and every Friday after that to keep you current.

Rent Reviews and Increases

Your property manager will give at least 60 days’ written notice when the rent is going to be increased. There is no limit as to how much the rent may be increased, providing that any increase is not excessively above ‘market rate’. Your rent can only be increased every 365 days.

Rent Arrears

At Edinburgh Realty we have zero tolerance of rent arrears. Our procedure for dealing with rent arrears is:

  • Day One: If your rent is overdue, you’ll receive a text message or a phone call stating that your due rent payment has not been received.
  • Day Two: If you don't contact us to resolve the issue, you’ll receive a "14 Day Notice to Remedy" the breach.
  • Periodic Tenancies: If your rent is overdue for at least five working days on three separate occasions within a 90-day period, and we give you notice of this on each occasion, we have the right to apply to the Tenancy Tribunal to terminate this tenancy under section 55(l) (aa) of the Residential Tenancies Act 1986 (the RTA).
  • Day Eight: If your rent is still unpaid, we will prepare and lodge documentation with the Tenancy Tribunal seeking termination of your tenancy and payment of rent arrears in accordance with Section 56 of the Residential Tenancies Act 1986.
  • Tribunal Actions: This will result in an application to the Tenancy Tribunal which may result in the termination of your tenancy. It is our policy that should a mediated tribunal order be made; we will request that a consequential clause be inserted into the order. This will state that should this order be breached (i.e. the tenant does not keep up with the scheduled payments), then the order will be enforced and you will be required to pay all outstanding monies and vacate the property. Further tribunal action may be taken to finalise the tenancy if necessary.
  • Impact on Future Rentals: All tribunal orders will be lodged on relevant tenancy databases, which may affect your ability to rent in the future.