Broken furniture was found to be the most common reason for landlords deducting money from the tenant’s deposit at the end of the tenancy period, according to new research from interiors specialist Hilarys.
When letting a property, the majority of landlords opt to take a deposit from the tenant before they move in. The deposit offers protection to landlords against any breaches of the tenancy agreement from the tenant. This could include anything from causing damage to not paying rent. The appropriate deductions can then be taking from the deposit to make up for any issues caused.
Proper inventory management as well as a full schedule of the property’s condition prior to the tenant are crucial in order for landlords to reclaim losses following the close of the tenancy.
However, Hilary’s noticed a potential lack of trust between landlords and tenants regarding deposit protection, with renters collectively missing out on around £1billion due to withheld deposits. The most common reason behind this was broken furniture, with 29 per cent of landlords citing it as a reason for deducting money from a tenant deposit.
The survey, which was carried out over 2,500 tenants as part of ongoing research into the habits of Britons and their attitudes towards renting, found that marks on walls was a second reason for deposit loss, as quoted by 24 per cent of landlords. Carpet stains came in third place at 21 per cent, whilst redecorations and mould issues were claimed to be problems by 12 per cent and 9 per cent of landlords respectively.
Tara Hall, spokesperson for Hillarys, said: Security deposits are an unavoidable part of renting a property, and can be an essential way for landlords to deal with damage caused by tenants. But they can result in disputes and are a major cause of distrust among tenants.’