Cheaper future for Tokyo tenants?e of Tokyo. The Asahi Shimbun (IHT/Asahi) February 26, 2004
The days could be numbered for highly detested key money and renewal fees.
Great news for Tokyo's tenants: The metropolitan government says it's time landlords stopped charging nonrefundable key money and for real estate agents to insist on contract renewal fees. Officials say the practices do not match the "international'' image.... The housing bureau submitted a proposed ordinance to the Tokyo metropolitan assembly on Wednesday.
It includes guidelines about the handling of deposit money, a portion of which is often used for damage and repairs once a tenant moves out.