The latest survey from Go.Compare home insurance shows that cleaning fees, cited by 63% of respondents was the most popular reason for deposits to be withheld from tenants.
This figure was closely followed by property damage (26%) and redecoration costs (26%.)
Landlords said that missing items and unpaid rent was the reason for 4% of tenants not receiving their full deposit back, along with disposing of abandoned items (6%).
On top of that, 2% were told that some of their deposit was retained to cover outstanding bills.
Which age group is most likely to lose their deposit?
While it is hard to pinpoint an exact figure of how much of the renter population is made up of students, it is correct that students are a significant demographic within the UK renter market.
It is believed that they make up roughly 30% of tenants in build-to-rent (BTR) properties compared to 14% in the wider private rented sector.
Go Compare said that younger tenants are most likely to have their deposit withheld.
Backing this up, Moneynet.co.uk reports, “Just under a third (31%) of under-35s who have left a rental property in the last two years said they lost some of their deposit, almost double the percentage of over-54s (12%).”
How to minimise the chance of losing your deposit
Nathan Blackler, home insurance expert at Go.Compare, said: “Deposit returns can be a source of friction when tenancies come to an end. Clearly, most renters who’ve experienced this feel their money was kept unfairly. If this is the case, it means landlords are wrongfully retaining thousands of pounds of deposits.
“To minimise the chances of losing your deposit, take photos of the property when you first move in and when you leave to show how you left it compared to the start of your tenancy. You can ask your landlord to sign a checkout inventory that covers the condition of the fixtures and fittings. Make sure all outstanding fees for the property have been paid, too.”
