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Students Most Likely to Lose Tenancy Deposits
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Students Most Likely to Lose Tenancy Deposits
Students are some of the most likely tenants to lose part of their deposits at the end of their tenancy, due to leaving the property in an inadequate condition, according to new research.
A study by the Deposit Protection Service (DPS) reveals that less than one in three students, or 27.5%, receive 90% or more of their deposit back at the end of their tenancies, compared to over 57% of tenants as a whole.
The most common reason for deductions to a tenancy deposit among students was cleaning at 32%, followed by repairs at 27%, redecoration at 20% and the replacement of lost or damaged items at 19%.
The DPS has 12 tips for students to hopefully help them receive their full deposit back when they leave their rental homes.
Managing Director of the DPS, Julian Foster, says: “Students must be aware of their responsibilities as tenants and act accordingly throughout their tenancy, or risk losing money when they move out.
“As well as asking their landlord to confirm where their deposit is protected, taking simple steps such as checking household inventories and communicating regularly with landlords can help ensure that deposits are returned in full.
“Deposit protection means both landlords and tenants can have peace of mind that the money is safe, and that there is a free, impartial adjudication service if the tenancy ends in a dispute.”1
As the academic term begins, the DPS has created a video aimed at students, offering advice on how to avoid losing their deposits. View it here: https://www.youtube.com/watch?v=NivXVALXTfk
1 http://www.propertyindustryeye.com/students-warned-over-losing-rental-deposits/
