A Build To Rent operator with properties in London and Glasgow is scrapping tenants’ deposits from the middle of next month, and returning deposits to current tenants.
Get Living – the operator of, amongst other schemes, the former London Olympics Athletes’ Village now named East Village E20 – has around 1,500 units let now with a further 4,000 to be built in the next three years.
From June 14 new residents who successfully pass referencing or have a guarantor will have no security deposit to pay. Get Living says it will also waive any damage and cleaning costs if they total less than one week’s rent when the tenant checks out.
Existing Get Living residents will have their deposits returned during the second half of this year. To be eligible, requirements include residents needing to have passed referencing or have a guarantor and be up to date with their rental payments.
“Get Living was the first to revolutionise the rental experience in the UK by removing agency fees and introducing longer term tenancies as standard. We know that the cost of living can be high so, as a responsible landlord with a long-term perspective, it is important for us to be able to identify and address areas where we can alleviate the burden on our residents” says Neil Young, Get Living’s chief executive.
“Scrapping security deposits as a pre-requirement and returning deposits to current residents is yet another step we are taking to show we are firmly on the side of renters. Where we have led – with no fees and longer tenancies – others have followed. We hope deposit-free renting becomes the norm.”