I urgently need to know the basics of how the French-equivalent to escrow accounts work for the purpose of renting an apartment. For anyone unfamiliar with the real estate rental market here in Paris, let me just tell you that it is unlike anything you’ve ever seen. Great apartments are extremely rare and there tends to be a highly competitive process to obtain them. My friend just told me that for his apartment there were 250 inquiries (not sure how many offers) and 3 weeks worth of competing with other prospective tenants!!!
So getting back to my question, I don’t know what they call escarow accounts here (I think the rough translation to the proper term might be a French " bank guarantee" but I need to know if they generate interest, if the money stays under my name (or is a shared account with the landlord) and any other pertinent basics such as this.
merci bien and wish me luck, I have my first meeting with the agency tomorrow morning!