The purpose of the rent guarantee is to safeguard the landlord’s position in the event of interferences. As a general rule, the security deposit covers any rent arrears as well as damage to the apartment. The word rental security should be avoided in the lease so that the security covers not only the rent but also other obligations of the tenant.
The value of the guarantee varies from contract to contract. According to the Residential Tenancy Act, “in addition to reasonableness, the maximum amount of security is limited to the amount of three months’ rent ”. In the case of the apartments we provide, the amount of the security varies from city to city, but is usually the amount corresponding to the amount of rent for 1-2 months.
Alternatives in the form of collateral are payment of the cash collateral directly to the landlord’s account or to a rental collateral account opened separately with the bank, a personal guarantee or Kela’s payment commitment. The method and date of delivery of the security will be agreed upon when the lease is entered into, and the date of delivery is almost without exception before the start of the contract and the handing over of the keys. If you intend to handle the security, for example as a payment commitment from KELA, please check with your OVV office already at the apartment application stage whether the landlord accepts the commitment as security.
The security deposit will be returned after the end of the tenancy and after checking the condition of the apartment. The inspection of the apartment is normally carried out by either the landlord, the new tenant or OVV Asuntopalvelut. According to the Residential Tenancy Act, the security deposit must be returned within a reasonable time after the end of the tenancy.
OVV Asuntopalvelut’s partner Takaamo.fi offers an alternative way to pay the security deposit. Instead of a financial guarantee, the guarantee gives the landlord a guarantee. For the use of the service, the tenant pays a monthly fee to the company for the period during which the lease is valid. The introduction of the service requires that the landlord approves the service instead of a financial guarantee. You can ask more from your city office.