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I've made an offer for 18-month lease for a 1-bedder and currently presented with Letter of Intent.

To my surprise, I was enquired for a 2-month security deposit. I was of the impression that the common practice is to pay 1-month deposit for every year. The current 1-bedder which I rented for 18 months, I paid 1.5month deposit as well.

The agent informed that there is no standard per se, and up to owner's request. May I know if this is true? Can owner request for 2-month deposit for 18-month lease?
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2 Answers

Aaron Chong
Replied
Hi, yes it is not the norm but some landlord would still require 2 months of security deposit whether it is 1 or 2 years lease.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Geryl Lim
Replied
Dear sir/madam,

Yes, the agent it 100% correct, although it was perceived by many consumers that deposit for 1 year lease is only 1 month.

In fact, it is increasingly common from my experience for landlord to look at 2 months deposit minimum even for 1 year lease, especially during this covid period where there are quite a number of expats who had to relocated due to employment despite on a lease that has no premature termination clause. Landlords stand to lose not only rental income due to the situation and it becomes worse when apartment is in poor shape when tenant leave.

Warmest regards,
Geryl Lim
Associate Deputy Group Director
Salesperson Registration No. R014783H
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
Estate Agent Licence No. L3009250K
[main] +65 6471 8888  [mob] +65 81577565  [LDA] +65 92787772 
www.geryllim.com
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