A major UK landlord has announced intentions to abolish tenancy deposits for all new residents from July onwards.
The move by Get Living, the UK’s largest single site private rental sector scheme, is set to return existing tenancy deposits to its tenants that accumulate to the collect worth of £3 million. More than 3,000 tenants will benefit from the decision. New residents in the area will no longer have to pay fees, and will have the opportunity to sign up for longer term tenancy contracts should they choose.
Get Living operates in the former London 2012 Olympic Athlete’s Village, now called East Village. The location features 1,439 homes, with a further 4,000 in development across the UK.
The deposits will be returned to tenants on the back of certain conditions. These include having passed referencing or possessing a guarantor, as well as being up to date with their rental payments.
CEO of Get Living, Neil Young commented on the move, saying: ‘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 intention behind the change is that deposit free renting ‘becomes the norm’ across the UK, with the aim of making the private rental sector more attractive for prospective tenants.
Young continued: ‘We have great relationships with our residents and, given they are taking such good care of our homes, why should we hold six weeks’ rent?’