Delancey, APG and Qatari Diar’s Get Living PRS company is to drop security deposits for tenants and refund outstanding deposits.
The company said it was looking to alleviate the burden on residents as the cost of living increased. Tenants will have to pass referencing or have a guarantor.
From 14 June it will also waiver damage and cleaning costs of less than one week’s rent when tenants move out. Get Living currently holds six-week deposits.
Deposits of 3,000 existing residents totalling around £3m will be returned. In addition to the company’s 1,439-flat East Village scheme at the former 2012 Athletes’ Village, E20, Get Living has a further 4,000 flats in its pipeline across the UK.
Watch a tour of East Village and an interview with Get Living’s former chief executive Derek Gorman
Since its inception in 2013 the company has not charged fees to arrange contracts or agents and has sought to offer tenants longer lease terms where preferred.
Neil Young, chief executive 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.”
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