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The rents of the Turku Student Village Foundation will be revised for 2020 – a pilot project for ending security deposit payments will start next year

The apartment rents of the Turku Student Village Foundation´s buildings will be revised in accordance with Chapter 3, Section 32 of the Act on Residential Leases due to rise in expenses, starting from 1 January 2020. Rents were last raised in 2017. Depending on the location and apartment type, rents will be raised by 1–2%. The rents of certain apartments in Kuunsilta and Auringonnousu will be lowered. The rental revision does not apply to exchange student apartments, the rents of which will next be revisioned on 1 August 2020.

Apartment rents have been defined in accordance with the absorption principle and the rules and regulations of ARA. Based on the absorption principle, the amount of apartment rent charged from the tenants cannot exceed the amount needed, in addition to other form of revenue, to fund the rental apartments and the related facilities and to meet the expenses of appropriate facility maintenance operations. According to the Act on Joint Management of Rental Buildings, the tenant committees have also had the chance to make statements concerning the budget.

Parking space and storage rents, furniture fees and other user fees will not change in 2020. Sauna turns will remain as a service included in the rent in 2020. The internal transfer charge will be raised from €50 to €60 starting from 1 January 2020. This fee is equal to the processing payment of new rental agreements. This processing payment will be charged for all new agreements in the future. The board of the Student Village Foundation of Turku confirmed the budget for 2020 based on the reviewed rents on 24 October 2019.

At the same time, the board decided to start a pilot for ending security deposit payments. Giving up these payments will be piloted between 1 January 2020 and 31 December 2021, during which time security deposits are not required for new rental agreements. However, a security deposit equalling three month’s rent will be charged from new tenants with a payment default entry. A tenant living in a TYS apartment who has already paid the security deposit will receive the deposit back in full when moving out, if there are no additional expenses to be charged from them.

A notification about the rental reviews has been sent to the tenants by email. The rental invoices with the new rent sums will be posted to the tenants in December.