PRSim’s Tenant Survey (2018) finds that 70% of tenants asked would be influenced by not having a security deposit when choosing between rental properties.
Figures from the Tenancy Deposit Scheme suggest that average rental deposits in England and Wales are now £1,041. In London this rises to £1,750.
Given that deposits have to be raised prior to existing deposits being returned, this can put tenants under a financial strain.
As a result, more than 50% of tenants asked expressed a strong interest in insurance backed alternative schemes. Such schemes were particularly of interest to those on a tight budget.
Younger Independents (YI)
Flexible Professionals (FP)
Budgeting Families (BF)
Reconciled with Renting (RwR)