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  • Deposit Protection

    Deposit replacement is here - Zero Deposit

    In my mind tenants who struggle with putting a deposit up, are more likely to struggle at some point down the line paying the rent.  So yes you may well get more people viewing your property because it's advertised as no deposit, but are those people more likely to be a problem in the future, maybe?

    That said I do like the idea somewhat, so I am on the fence, anything that removes more paperwork is interesting.  Also I do find the deposit schemes to be a total pain.  I may consider something like this for my next tenants.

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    In my mind tenants who struggle with putting a deposit up, are more likely to struggle at some point down the line paying the rent.

    I had exactly the same concern, which is why I raised the question in the video.  The answer satisfied me. Smile

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    There’s been a big boost to the movement towards deposit alternatives in the private rental sector following a survey released this morning by lettings agency Your Move.

    It says over half of tenants questioned in a very substantial 3,752-person poll would be interested in an alternative approach to traditional tenancy deposits.

    Full/source story

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    So if I have a tenant whose cash deposit should of been £3,500 however, they take the deposit insurance option instead, then they stop paying the rent and they damage the property, I have to evict them and so on. 

    Are Zero Deposit 100% going to pay me the £3,500 I would of got I had the cash deposit (and protected it)?

    ​Yes/No. 

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    I have to say, it's a terrible service so far being on hold for 10 mins+, can't leave a voicemail as the mail box is full etc. Imagine trying to get some money from them, no way.

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    I just called Zero Deposit and chose option 3 - general enquiries - I was on hold for around 2 minutes before someone answered.

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    I have been with RLA for years but they dont always get it right .

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    Deposit replacement in the context of the Tenant Fee Ban - helpful video from ARLA Propertymark:



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