A Build To Rent company that scrapped deposits for tenants a year ago says it has saved renters almost £3m in that period.
Get Living says that in the past 12 months new residents who passed referencing no longer paid six weeks’ rent at the beginning of their tenancy. The firm also returned deposits to those already living in their properties.
“To some it was madness, but to us it seemed the natural next step after abolishing fees and introducing longer tenancies. We are always looking at ways we can build trust with our residents – and trusting our residents to look after their homes has been a great way of doing that” claims Neil Young, Get Living’s chief executive.
Launched in May 2013, Get Living is behind the UK’s East Village in London E20, the Build To Rent community created from the 2012 Olympics’ athletes village. Get Living looks after more than 3,000 renters in 2,000 homes, with a second location in Elephant & Castle.
It says that since it introduced a commitment to not levying fees on tenants and issuing contracts beyond six months duration, “all major UK political parties and other large landlords have made similar commitments.”
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They would have only have saved tenants £3 million if the deposits were non refundable.
Deposits don't go back into your pocket until you buy a house or move in with your parents as they just go on the next deposit. Kudos to GL to have the confidence in their product and residents without holding £1500 over their head.
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