A third of tenants have to wait ‘too long’ for deposits to be returned, claims Which?

A new investigation into the rental deposit system has revealed that a third of tenants are forced to provide a deposit to their new landlord while waiting to have their previous deposit returned. Some 31% of these tenants then turn to friends and family to fund their ‘second deposit’  while 9% borrow money off loan sharks or use their credit card, while the rest rely on overdrafts, says consumer organisation Which? It is calling on the government to both review the system to prevent this ‘two deposits’ problem and also tackle the other major area of conflict for tenants; contested deposit deductions. Its report also recommends the recently-launched slew of insurance-based deposit schemes because they “potentially help tenants better transition when moving between rental properties”. Millennial rental deposits The report also found that Millennials get a rougher deal from the renting process and are more likely to encounter problems with letting agents. This includes being asked to pay a holding deposit and be pressurised into making a quick decision about a property. Which? also discovered that among those who had money taken from their deposits, half disputed the deduction. The two most common deductions are for inadequate cleaning of the…