50% of renters/tenants are unsure of deposit schemes

50% of renters/tenants are unsure of deposit schemes

Approximately 53 per cent of renters disclose that they have not checked out whether property owners, or their agencies, hold their deposits at any of the tenancy deposit services – and one in six occupants were unaware that the system even is existent.
A survey by SpareRoom say that even now, two years after the newest strengthening of legislation over the retaining of deposits, have not heard that such deposit schemes are mandatory on landlords and agents.
Nevertheless, more than one in 8 renters believe they have essentially submitted claims by way of no less than one of the tenancy deposit schemes – approximately half won their claim.
“The rogue element of the landlord community is much smaller than the majority assume. The wider situation is a personal rented sector dominated by novice and accidental landlords, who don’t usually understand their obligations,” states Matt Hutchinson, SpareRoom’s director.
If agents or landlords are discovered to have failed to have properly protected the tenants’ funds, a court can order them to pay the tenant up to three times the deposit.

Landlord Deposit Schemes