Security Deposit & Key Money
Security deposit is some kind of secured fund made by tenant for any kind of damages or emergencies. Any unpaid rent is also deducted from this deposit. In most cases, the deposit is used to restoring the room to its original conditions. Tenant is responsible for restoring and the room has to be handed over to the owner in the original condition.
Key money is non refunded payment paid by a tenant to the owner. This shows gratitude to the owner.
Recently there have been owners who don’t ask for key money for marketing purpose.
It is seen that deposit and key money are made from family type room or newer properties.
It is best that you can get both security deposit and key money but you better not insist.