In a move that is set to revolutionise the private rented sector, Get Living has announced that it is to scrap security deposits.
From 14 June 2017 new residents will no longer have to pay a security deposit when moving into a Get Living home. What's more, we will also be returning deposits to current residents - a move that will see around £3 million released back into the UK economy.
This latest move by Get Living reinforces its pioneering approach to private renting in the UK, after arriving into the sector in 2013 with a policy of no agency fees.
Neil Young, CEO of Get Living, said: “Get Living was 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.
“We launched Get Living four years ago this month and in that time our average deduction from deposits has been just a few days’ rent, with the majority of our residents getting their deposits returned in full. 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? We can do this at Get Living because we have the scale and track-record to know it will work.
“Where we have led – with no fees and longer tenancies - others have followed. We hope deposit-free renting becomes the norm.”
From 14 June 2017, new residents who successfully pass referencing or have a guarantor will have no security deposit to pay. To reward residents who have taken good care of their home, if rental payments are up to date, Get Living will waive any damage and cleaning costs if it totals less than one week’s rent.
Existing Get Living residents will have their deposits returned from early July 2017. Deposits will be returned first to those residents who have lived in the same East Village home for the longest and it’s expected that the returns process will be complete by the end of the year. To be eligible, requirements include residents needing to have passed referencing or have a guarantor and be up to date with their rental payments.
Key benefits of Get Living’s deposit-free agreement:
- New residents benefit – Get Living renters who pass referencing or have a guarantor will no longer need to find six weeks’ rent at the beginning of their tenancy - an immediate cashflow benefit
- Existing residents benefit – Get Living will be returning security deposits to approximately 3,000 residents, releasing around £3 million back into the UK economy
- Changing renting in the UK – This announcement supports Get Living’s mission to deliver a better way of renting and where Get Living has led, others have followed. Since it launched in 2013 with no fees and longer contracts, all major UK political parties and other large landlords have made similar commitments.