Categories: Stories

Landlords to pay back deposits with interest under SA proposed rent law

Landlords will be required to pay tenants their deposits plus interest when they leave under the proposed rent law currently before the South African parliament.

Under the Rental Housing Amendment Act, landlords will be required to invest deposits paid by their tenants in an interest bearing account with a financial institution and pay their tenants the interest when they leave.

The chairwoman of the Parliamentary portfolio committee on human settlements, Nomhle Dambuza said her committee was redrafting the bill because it had gaps which could lead to people’s exploitation.

Most tenants are not taking advantage of the rent laws and some even forfeit their deposits for various reasons given by the landlords.

Studies have shown that it is better to rent if one is staying in an area for less than three years. It is better to buy the property if one is staying longer than that.

(54 VIEWS)

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

Will Mnangagwa go against the trend in the region?

Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…

October 22, 2024

The Zimbabwe government and not saboteurs sabotaging ZiG

The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…

October 20, 2024

The Zimbabwe Gold will regain its value if the government does this…

Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…

October 16, 2024

Is Harare the least democratic province in Zimbabwe?

Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…

October 11, 2024

Zimbabweans against extension of presidential term in office

Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…

October 11, 2024

Zimbabwe government biggest loser when there is a discrepancy in the exchange rate

The government is the biggest loser when there is a discrepancy between the official exchange…

October 10, 2024