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A major London landlord has decided to scrap deposits. Get Living, a company that lets out flats in the former Olympic Athletes’ Village, says new tenants will not be required to hand over a deposit from June 14. However, there is a catch.
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How to Qualify
To qualify for the ‘no deposit’ scheme, tenants will need to have a guarantor or pass a strict tenant referencing process. Tenants will also have the chance to sign up for longer tenancy agreements. For anyone living in the E20 Village, this is good news. The average monthly rent in the UK is now £1,191, and with many landlords asking for a minimum of one month’s rent as a security deposit, tenants have significant up-front costs to bear before they move in.
“We know that the cost of living can be high so, as a responsible landlord with a long-term perspective, it is important for us to be able to identify and address areas where we can alleviate the burden on our residents,” says Neil Young from Get Living.
Deposits Refunded
Existing tenants who have paid a security deposit can look forward to a full refund over the next few months, as long as they are up to date with their rent and meet the other requirements.
Get Living has been managing the E20 Village for four years now and in that time, they have returned the majority of deposits in full. They have more than 3,000 people living in their properties, so have decided they can afford to scrap the deposit scheme. Smaller landlords might struggle to do this.
