Looking to rent

What measures can I take to organically improve the quali...
Read more

What is an option fee?

To make sure you’re serious when applying for a tenancy, a landlord may require that you pay an option fee. An option fee is a payment (deposit) of no more than one week’s rent that must be refunded or used as rent if you take the rental property. The option fee must be mentioned in your Tenancy Agreement.  When the landlord receives your option fee, they will usually stop marketing the property to other tenants, with the expectation that you will soon move in to the property.

If you change your mind and decide not to rent the place after paying the option fee, the Landlord is entitled to keep it.  Therefore you should only pay option fees on those rental properties that you fully intend to move into.
Back to questions