|Landlords are experiencing an increase of rent arrears among student tenants:|
1 in 5 landlords say that rent arrears have increased among students in 2012 compared to 2011.
- Mismanagement of funds (69% of cases)
- Increase of student fees (19% of cases)
It takes students an average of 18 days to repay outstanding rent. During this time the landlord may need to rely on alternative funds to safeguard any mortgage repayments on the property. With planned increased tuition fees on the horizon, there could be tough times around the corner for students, and challenges for their landlords*.
With mydeposits you can protect the deposit, keep it in your bank account and comply with the legislation.
We enable you to keep control:
"I wanted to keep hold of the deposit. I always tell my outgoing tenants that I shall bring my cheque book to the check-out process and that my intention is to repay the deposit in full at that time... Its business as usual"
Mr Graham mydeposits member since 2007
Make sure you protect the deposit within 30 days of receiving it from your tenant. You can do this instantly online in the member's area of our website, 24/7.
Prepare a fully detailed inventory of the property, make sure both parties sign and date it and provide them with a copy of it. This is important if there are any disputes over the deposit.
When the tenancy comes to an end, arrange with the tenant to attend a check-out inspection of the property.