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Tenants Baffled: Upfront Rent or Deposit?

Writer's picture: Sarah RuivivarSarah Ruivivar

In the bustling world of rental properties, tenants are getting tangled up in the web of upfront rent and deposits!


A recent survey by the Deposit Protection Service reveals that a whopping six out of ten tenants paid between two and three months’ rent upfront to secure their new digs. Some even shelled out for up to a year in advance!


Matt Trevett, the managing director, advises tenants to have a chat with their landlords about how upfront payments impact their rental schedule. It's crucial to ensure that upfront rent isn't mistaken for a deposit, which should be safely tucked away with an independent third-party scheme like the DPS.


 

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Kate Watts from Robert Watts estate agents highlights the fierce competition in the rental market, with up to thirty hopefuls vying for a single property. While upfront payments might seem like a golden ticket, tenants should tread carefully to avoid financial hiccups down the road.


To stand out from the crowd, nearly a quarter of tenants are showcasing their financial credentials. From income evidence to landlord testimonials, renters are pulling out all the stops. Some even share pictures of their current homes or furry friends!


With 32% of tenants moving in the past year, it's clear that the rental market is buzzing. But remember, clarity is key! Make sure you're clear on what's rent and what's a deposit to avoid any surprises later on.



 

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