UK landlord abolishes tenancy deposits
Get Living have announced their intentions to scrap tenancy deposits for all new residents from July this year. They also plan to refund existing deposits to their current tenants, a move that would benefit over 3,000 residents.
New tenants will therefore not be required to pay fees and will have the opportunity for a longer-term tenancy contract.
The landlord operates the site which was formerly used for the London 2012 athlete’s village, now known as East Village, which includes over 1,400 homes. The company have plans to develop a further 4,000 homes across the UK.
Deposits will be returned to current residents based on certain conditions, such as; having sufficient referencing, possessing a guarantor, and being up to date with rental payments.
Neil Young, Get Living’s CEO, commented on the decision: “We were the first to revolutionise the rental experience in the UK by removing agency fees and introducing longer term tenancies as standard. 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. Scrapping security deposits as a pre-requirement and returning deposits to current residents is yet another step we are taking to show we are firmly on the side of renters.”
The company are hoping that deposit free renting will become the ‘norm’ across the UK to help make the private rental sector more attractive to future tenants.
Full article available on Residential Landlord: https://residentiallandlord.com/tenancy-deposits-abolished-major-uk-landlord/