Landlords and tenants split over new tenancy deposit schemes

Although a higher proportion of tenants appeared to support these new schemes, in some cases those in favour were still in the minority:

• 35% thought an insurance deposit scheme was a better idea than taking a deposit.
• 37% said they would definitely rather pay the monthly insurance than a deposit.
• 62% had no concerns about paying a monthly sum instead of a deposit.

Speaking about these findings, portfolio landlord and Upad founder and CEO James Davis said, “Alternatives to paying one-off deposits are always welcome, and these schemes are a great idea.

“Immediately, tenants will be free of the struggle of having to raise a deposit for a new rental before they have got their existing deposit back, and those who are unable to raise a deposit at all, or have no means of borrowing the money, could find themselves able to rent a far wider range of properties than they previously could.

“I am definitely in favour of such schemes and hope in the coming months a greater proportion of landlords will also take this point of view.”