The Tenant Fees Ban has resulted in many landlords owing their tenants thousands of pounds, AIIC and My Property Group has claimed.
The ban has meant that any rental agreement under £50,000 in England can only ask for a maximum of five weeks rent equivalent as a deposit with with holding deposits allowed at a maximum of one weeks rent.
This has resulted in hundreds of tenants due refunds on their rental agreement deposits, some having paid eight weeks and over to abide by their landlord’s requests in order to win the tenancy agreement from a landlord.
Danny Zane, the chair for The AIIC and managing director at My Property Group, said: “This is just the tip of the iceberg as for many years deposit requests had been on the rise in the highly competitive private rented sector.
“I am certain there will be many more requests as many tenants will not even know about this and their rights.”
The highest payment released so far has been over £3,300.
Zane added: “This is exactly as our government intended with deposit caps coming into force and renters being given back some of their hard-earned monies.
“Great news for tenants all round.”