"With more and more people now choosing to rent, it’s increasingly important that lettings agents are able to cater to tenants of all types, providing them with both choice and flexibility."
This includes zero deposit schemes where the tenant pays a non-refundable fee of one week's rent to move in, rather than an upfront deposit.
In addition, 70% of those surveyed said that having the choice to pay an upfront deposit scheme would influence their decision to rent a specific property.
British tenants in assured shorthold tenancies are currently required to pay an upfront lump sum deposit to their landlord or lettings agent, who in turn is responsible for protecting the deposit in a government-approved scheme.
The government has confirmed that by 1st April 2019 all property agents will be required to be part of an approved Client Money Protection Scheme.
According to the Tenancy Deposit Scheme – one of the approved government-backed deposit schemes – the average rental deposit in England and Wales is currently £1,110.
Helen Buck, executive director for estate agency at Your Move’s parent company, LSL Property Services, commented: “There is clearly demand for an alternative to cash lump-sum deposits. With more and more people now choosing to rent, it’s increasingly important that lettings agents are able to cater to tenants of all types, providing them with both choice and flexibility.
"At Your Move we’ve already made a zero deposit scheme available to offer even greater choice to our landlords and tenants and ultimately allow them to realise their ambitions within the rental market.”
