A London Build to Rent landlord which owns the former Olympic athlete’s village in London is to stop asking for tenant deposits.
Get Living London, which is also due to open a site in Glasgow and rents out approximately 1,500 homes at its East Village London site (pictured, right) says its tenants will no longer have to pay any deposit.
Tenants can also sign up for a more secure three-year tenancy and already do not have to pay any fees at any point in their tenancy.
“Where we have led – with no fees and longer tenancies – others have followed. We hope deposit-free renting becomes the norm,” says Get Living London CEO Neil Young (pictured, left).
The company has also scrapped any fees and tenants are able to break their tenancy agreement after six months without penalty.
But tenants do pay interest at 4% on any overdue rent and must also pay for the apartment to be cleaned when they move out, its sample contract says.
Also, the deposit-free deal is only available to tenants who pass referencing, the cost of which is paid by Get Living London.
Get Living London is also to return existing tenant deposits, worth some £3 million, to its 3,000 residents.
“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.
“We launched Get Living four years ago this month and in that time our average deduction from deposits has been just a few days’ rent, with the majority of our residents getting their deposits returned in full.
“We have great relationships with our residents and, given they are taking such good care of our homes, why should we hold six weeks’ rent? We can do this at Get Living because we have the scale and track-record to know it will work.”