This major landlord is scrapping security deposit requirements

Heard of Get Living?

Get Living, the UK’s leading owner operator of private rental homes, has announced it is to scrap security deposit requirements from 14 June 2017 for new residents. The rental pioneer is also returning security deposits to current residents, in a move that will see around £3m released back into the UK economy.

This latest move by Get Living reinforces its pioneering approach to private renting in the UK. Launched in May 2013, Get Living is behind the country’s largest single-site PRS scheme at the former London 2012 Athletes’ Village, now called East Village, E20, and home to more than 3,000 renters in 1,439 homes, with a further 4,000 homes in the pipeline across the UK.

Neil Young, CEO of Get Living, said: “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. 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. 

“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. 

“Where we have led – with no fees and longer tenancies – others have followed. We hope deposit-free renting becomes the norm.”