PlanetRent takes the hassle out of deposit payments
Mary-Anne Bowring 16/10/2019
2604
The Issue of Unclaimed Deposits
According to a recent report, over 2,000 tenants in Scotland have forgotten to reclaim their rental deposits, leaving a staggering £500,000 unclaimed. Across the UK, this figure could be as high as £4 billion. Many tenants either forget about their deposits or are unaware of the process to retrieve them. This highlights the need for a more transparent and efficient system to ensure tenants get their money back
Why Landlords Take Deposits
Landlords typically request a deposit at the start of a tenancy to cover potential damages or unpaid rent. This deposit serves as financial security, protecting the landlord from losses. However, once the tenancy ends, tenants often struggle with the process of getting their deposits back, leading to delays and, in some cases, unclaimed funds.
The Challenges of Deposit Refunds
Tenants frequently face difficulties when attempting to reclaim their deposits. Some common issues include landlords not registering deposits properly, disputes over deductions, and tenants simply forgetting to claim their money. Without a streamlined system, this process can become frustrating and time-consuming.
How PlanetRent Simplifies Deposits
PlanetRent provides a seamless solution for both landlords and tenants. By integrating with the Tenancy Deposit Service (TDS), it ensures that deposits are automatically registered. Tenants receive a step-by-step guide on how to get their deposits back, and landlords can transparently manage deductions with clear invoices and dispute resolution features.
Renting Deposit-Free with PlanetRent
For tenants who prefer not to pay a traditional deposit, PlanetRent offers a deposit-free renting option through Reposit, an FCA-regulated service. Instead of paying a full deposit, tenants can pay a one-week non-refundable fee. In case of damages or unpaid rent, Reposit attempts to recover costs from the tenant, with insurance covering up to six weeks of rent arrears or damages.
Why You Should Use PlanetRent
Whether you’re a landlord looking for a hassle-free deposit management system or a tenant wanting a smoother deposit return process, PlanetRent offers a smart solution. By using automated features, clear communication, and secure integrations, PlanetRent eliminates the common frustrations associated with rental deposits. Download PlanetRent today and simplify your rental experience.
Planetrent Properties
info@planetrent.co.uk
0208 0599 550 (for sales)
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