Scrapping of rental deposits leads to £3m boost to renters

Rental innovator and winner of Landlord of the Year 2018, Get Living, is celebrating its one-year anniversary of scrapping deposits with the knowledge that its renters have saved close to £3 million.

With May marking a year since the company announced its no deposit and no fee rule, new residents who pass referencing no longer need to find six weeks’ rent at the start of their tenancy.

Get Living has also been returning deposits to those already living in their neighbourhoods, which has put almost £3 million back into their pockets over the past year.

“A year on, we’re proud we took the leap and scrapped deposits,” Neil Young, chief executive officer of Get Living, said. “It seemed the natural 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.”

The company has received a positive response from its existing customers, according to Young. “For most it had been money that was locked up and a cause of much frustration,” he added. “Whether saved or spent, it’s great to know that £3 million is back in our residents’ pockets.

“We hope our experience will inspire others to follow, and one day deposit-free renting will be the norm.”