Deposits can be the bane of tenants’ lives. Not only do renters have to fork out hundreds of pounds in letting agent fees, but they usually have to stump up the equivalent of a month’s or six weeks’ rent as a deposit, too. However, several new ventures reckon they have found a way to rent properties without having to put down a deposit.
According to the Deposit Protection Service, the average deposit in England and Wales stands at £967, though London renters typically have to put down around £1,750. In total, an estimated £3.6bn is held by deposit protection schemes across the UK.
Related: One in three tenants borrow money to pay rent, says Shelter
It could prove costly for those who meet their obligations and would have been entitled to their money back in full
Related: Letting agents found charging tenants more than £800 in fees
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