Renting an apartment or boarding house in the Philippines can be exciting, but it's important to understand the terms involved. One common phrase you'll encounter is "1 month advance, 1 month deposit." So, what does this mean?
What is "1 month advance"?
This means you need to pay your first month's rent upfront, even before moving in. This payment secures your tenancy for your first month.
What is "1 month deposit"?
This is a refundable security deposit that serves two purposes:
- Guarantees last month's rent: In most cases, the landlord will deduct your last month's rent from the deposit when you move out.
- Covers potential damages: The landlord can use this deposit to repair any damage you cause to the property beyond normal wear and tear.
1 Month Advance, 1 Month Deposit Sample
If the monthly rent is ₱10,000, you'll need to pay ₱10,000 for the advance rent and ₱10,000 for the deposit, totaling ₱20,000 upfront.
Additional things to keep in mind:
- Negotiation: While 1 month advance and 1 month deposit are common, some landlords might be open to negotiation.
- Receipts: Always get and keep receipts for all payments you make.
- Inventory checklist: Make sure to create an inventory checklist with the landlord before moving in to document the property's condition.
- Contract: Always sign a written contract that clearly outlines the terms of your tenancy.
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