Generation rent unfairly losing deposits

Michael Lloyd

January 30, 2018

About 16% of renters claimed their landlord or lettings agent has unfairly taken money from their tenancy deposit, while this figure rises to 25% for millennials (18-34) and 30% among university students.

With the average UK rent now at a record £1,196 per month, student lettings app Spice also found 2.34 million UK adults want to challenge lost deposits but pled ignorance to the processes involved.

Leon Ifayemi, chief executive and co-founder of Spice, said: “With rent prices at record highs, the financial demands placed on tenants looking to secure a property has never been greater.

“The amount of money required upfront can be significantly high, and the risk of losing some of a deposit can cause notable financial stress to those attempting to move to another property.

“More should be done to increase awareness of the frameworks in place for those seeking to challenge unfair attempts to take money from a tenancy deposit – this is a legal right that cannot be ignored, with students as well as young people, generally clearly requiring greater support and education as to their tenant rights.”

The independent survey of more than 2,000 UK adults found this rose to 28% for millennials, and doubled to two in five (40%) for UK students.

One in eight (13%) tenants admitted losing money through a tenancy deposit due to damage that was done to the property by one of their fellow housemates.

Some 14% reported losing their deposit due to problems with the property that existed before they had moved into the house or flat.

And only 18% of renters have successfully challenged attempts from their landlord or lettings agent to take money from their tenancy deposit.

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