What Can a Landlord Deduct From Your Rent Deposit?

When you are about to rent an apartment, you get the options of renting a mid-rise or an high-rise apartment. You might want to see the pros and cons of each before you rent the apartment which suits you best.

What is a Mid-Rise Apartment?

Mid-rise apartments usually range from 7 to 12 floors. They offer elevated views without the dizzy feeling of getting lost among the clouds. In urban locations, Mid-rise apartments offer a breathing space between the towering skyscrapers, while in suburban areas, they standout as a iconic landmarks.

Benefits of renting a Mid-Rise Apartment?

These mid-rise apartments are built in a way to connect community, comfort and convenience.

Accessibility: With Fewer stories, each floor can be accessed easily even via the staircase in a situation where the elevator is not functioning.

Personal Outdoor Space: Most of the mid-rise apartments have spacious balconies and terraces. This offers the freedom to enjoy your view within your personal space having a quite time with a cup of coffee or a book.

Community Feel:With fewer units and residents, its easier to recognize faces, have friendly chats and organize events to create a stronger sense of community.

Amenities: Even though Mid-rise apartments are low on amenities, they do have the essentials such as a swimming pool and gym etc.

More Privacy: With fewer apartments per floor and less foot traffic, a quite environment is created for a peaceful living experience.

Cost: Unlike the ultra-luxury high-rise apartments, mid-rise apartments with their fewer amenities are more friendlier on the pocket.

Location: Also mid-rise apartments are mostly found on cozy neighborhoods offering renters a closer bond with street life.

Challenges Renting a Mid-Rise Apartment

Community Facilities: Residents could find the swimming pool and the gym always crowded, especially on weekends since the amenities are shared common facilities with limited resources.

City Sounds: Unlike living in the top floors of a high-rise apartment, the residents living in mid-rise ones are exposed to city’s ambient sounds since they are closer to street level.

Security: Unlike ultra-luxury high-rises where there is a security team, card access, lobby reception to verify screen visitors; Mid-rise apartments usually have a basic security system such as a security guard and CCTV monitoring.

Sri Lanka plans to introduce a new Tax on 2025 targeting owner-occupied and vacant residential properties starting from April 2025. This new Tax will replace the previously proposed Tax for 2025. IMF supports this new tax initiative as part of country’s revenue generation efforts.

Imputed rental income tax calculates the revenue a property owner can earn if he or she rents out the property and taxes them on that potential income. This tax is derived on the possible income from the property rather than its value.

The IMF has time and again expressed that Sri Lanka must focus on setting-up a data vault at the municipal level to enact this tax system.