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A quarter of millennials have ‘unfairly’ lost their rental deposit

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Billions of pounds has been lost in the tenancy deposit black hole, but renters can try to get their money back
A quarter of millennials have ‘unfairly’ lost their rental deposit

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.

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