70% of tenants in favour of deposit-free lets

The survey highlighted that seven in ten prospective tenants believed that private landlords should consider adopting deposit-free renting schemes in order to make the private rented sector more affordable for all.

According to figures released by the Deposit Protection Scheme, the average deposit for a rental property in the UK last year was £967, quite a hefty figure when you consider than most landlords require a month’s rent up front at the same time. Whether this average will increase or decrease when next year’s deposit cap comes into force, setting a cap on the potential deposit at a maximum of six weeks of the property rent is yet to be seen.

The study did show that tenants did understand a landlord’s need to make sure that was some form of security in place when they handed over the keys to their expensive asset, and suggested that an insurance policy may be an appropriate alternative to a pricey deposit.