More deposit awareness 'needed from people in flats to rent'
People living in flats to rent need to be more aware of the safeguards in place to protect their money, it has been claimed.
A spokesperson for the Tenancy Deposit Scheme said it is difficult to judge how many people living in rented accommodation know the options available to them regarding their deposit.
He explained tenancy deposit schemes did not emerge until 2007, which means some individuals do not know they exist because they are a fairly recent development.
"Maybe tenants are not as aware of the mandatory protection that they should be given," the expert stated.
However, he added that as time goes on, more and more people are becoming knowledgeable about the concept.
The commentator noted that as well as deposit protection schemes, tenants can also take advantage of regulated agents.
According to the July Paragon Mortgages' PRS Trends Report, in the second quarter of 2010, three times as many landlords reported increased rental demand rather than declines.
Posted by Chris Price
Published 17th September, 2010
© 2010 Estates IT Limited
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One expert says a lot of tenants are unaware about safeguards in place to protect their deposits.