When you rent student accommodation, the student residence (or landlord) requires a financial guarantee: the rental deposit. But what exactly is it for? What arrangements are there for students? FAC-HABITAT explains this essential concept for your future rental!
The rental deposit, a financial guarantee
The rental deposit, also known as the "rental guarantee" (or simply "surety"), is a sum of money or a commitment made by a third party (often a relative) to guarantee the landlord payment of rent and charges in the event of the tenant's default. It protects the landlord against unpaid rent and is required when the lease is signed.
The different types of deposit
There are several types of rental deposit:
A relative's or friend's deposit: A relative, family member or friend agrees to pay the rent in the event of difficulty.
Visale guarantee: A free scheme offered by Action Logement, the Visale guarantee replaces a physical guarantor and covers unpaid rent under certain conditions.
Specific aid schemes: Certain regional or university grants can also be used to facilitate access to student accommodation.
How to choose the best solution?
Before committing yourself, here are a few tips:
Check the landlord's requirements: FAC-HABITAT residences accept the Visale guarantee, which can make the process easier for you. You can find out more directly from your residence.
Anticipate your requirements: The Visale guarantee application is made online and may take a few days to be validated.
Avoid overpriced solutions: Some fee-based services offer to act as guarantor for you, but this can represent a significant additional cost.
Security deposit management at FAC-HABITAT
Not to be confused with a joint and several guarantee, the security deposit is a sum paid by the tenant to the landlord at the start of the lease (often equivalent to 1 month's rent) and returned at the end of the rental period after an inventory has been made, subject to any deductions for repairs required as a result of damage caused by the tenant. This is the type of deposit you'll be asked for when you apply for a FAC-HABITAT apartment.
The security deposit is paid by the tenant to FAC-HABITAT when the tenant file is set up, and is therefore part of the first payment which includes the first month's rent as well as the security deposit. This first payment can be made by credit card, bank transfer or cheque. At FAC-HABITAT, we call this a “reduced security deposit”, because the amount does not correspond to the total monthly payment, but only to the main rent (monthly payment excluding charges).
The security deposit will be returned to the tenant within one month if the outgoing inventory matches the incoming inventory. In all other cases, it will be returned within 2 months of the keys being returned. It can also be deducted from the debt if the tenant is in arrears. In this case, the amount due will be deducted from the security deposit, and only the remainder will be returned to the tenant. If the security deposit was taken on arrival, it will be reimbursed by transfer to the direct debit account; otherwise, a cheque will be sent to the address given at the time of the departure inventory.
A rental deposit is essential for secure access to student accommodation. At FAC-HABITAT, we do everything we can to facilitate access to housing. A “moral” guarantor is accepted in all our residences, and a scholarship applicant can select only the moral guarantor. So it's important to get in touch with the residence concerned beforehand, so you can prepare your application with peace of mind.
