Rental operator Get Living has announced that it is to abolish tenancy deposits for new residents from July and return existing deposits collectively worth £3m to more than 3,000 existing tenants.
Get Living is behind the country’s largest single-site PRS scheme at the former London 2012 Athletes’ Village, now called East Village, E20, which features 1,439 homes, with a further 4,000 homes in the pipeline across the UK.
Deposits will be returned to all tenants on the condition that they meet various requirements, which include having passed referencing or possessing a guarantor and being up to date with their rental payments.
Neil Young, CEO of Get Living, said: “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.”
Young hopes that deposit-free renting “becomes the norm” to help make the PRS even more attractive for renters.
He added: “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?”