Rental Security Deposit in Vancouver BC

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Rental security (damage) Deposit

Tenants may be asked to pay a security deposit (also called a damage deposit) when they enter into a tenancy agreement. This deposit may be used to cover unpaid rent, cleaning or any damage tenants do to the suite.
In addition to a security deposit, landlords who accept pets may request a one time pet deposit for tenants having pets.
If there are no problems, tenants should get all the deposit back when they move out. (See also 'Getting your deposit back'.)

What you should know about security deposits:

  • maximum amount cannot be more than halt of the first month's rent
  • can be requested only at the beginning of the tenancy
  • can be charged only once per rental unit, regardless of how many tenants are sharing the rental unit
  • can only be used to cover damages done to the rental unit beyond normal wear and tear
  • can not be allocated towards future expenses in your rental agreement
  • if you fail to pay the security deposit within 30 days of the start date of the tenancy agreement the landlord can issue one month's notice of termination of tenancy

What you should know about pet deposit:

  • maximum amount cannot be more than half a month's rent regardless of how many pets you are allowed to keep
  • can only be used to cover damages caused by a pet(s)
  • not applicable to pets allowed before January 1st, 2004

More on this Subject

   Expert Tenancy Advice

   - Security Deposit
   - Pet Deposit

   Related Subjects

   - Ending Tenancy / Getting your deposit back

   Other Resources

   - British Columbia Tenancy Office - Fact Sheet RTB-120
 

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