Buy to Let
A quarter of millennials have ‘unfairly’ lost their rental deposit
Billions of pounds has been lost in the tenancy deposit black hole, but renters can try to get their money back
Generation Rent is facing challenges when attempting to claim back tenancy deposits, according to SPCE, with 16% of UK renters claiming their landlord or lettings agent has unfairly taken money from their deposit.
The student lettings app said that this figure rises to 25% for millennials (18-34) and up to 30% among university students.
More than one in 10 renters (13%) said they have lost money from a tenancy deposit due to damage done by one of their fellow housemates, while 14% have lost some of their deposit due to problems that existed before they had moved into the property.
Leon Ifayemi, CEO and co-founder of SPCE, said: “With rent prices at record highs, the financial demands placed on tenants looking to secure a property has never been greater. The amount of money required upfront can be significantly high, and the risk of losing some of a deposit can cause notable financial stress to those attempting to move to another property.”
Challenge your landlord
2.34 million UK renters (16%) have wanted to challenge attempts by their landlord or agent to take money from their tenancy deposit, but did not know the legal course for doing so.
Ifayemi said: “More should be done to increase awareness of the frameworks in place for those seeking to challenge unfair attempts to take money from a tenancy deposit – this is a legal right that cannot be ignored, with students as well as young people generally clearly requiring greater support and education as to their tenant rights.”
According to SPCE, 18% of UK renters have successfully challenged attempts from their landlord or lettings agent to take money from their tenancy deposit.
