Can a rental security bond be increased during a fixed tenancy?
Answer: Yes it can and here’s why.
The most common reason for a security bond to be increased is an increase in your rent. With many tenants experiencing rent increases right now, we felt we should take a minute to explain why your property manager may ask you to top up your bond.
Why might I need to pay more bond?
When your rent increases your security bond becomes less than the equivalent of 4 weeks rent, which is the amount of security bond you would have paid when you signed your lease (plus a pet bond if applicable).
For example, if your rent has increased by $20.00 per week, then your security bond would now be $80.00 short (4 x $20) and you may be asked by your property manager to pay the difference.
What options do I have as a tenant?
You can always approach your managing agent and request a payment plan to get your bond back in line with the required amount if you are finding it hard to pay all at once. If you are new to the rental market or want to refresh your knowledge, please feel free to have a look through this guide to renting a home by the WA Government.