The average renter has saved £163 since tenancy deposits were capped

Renters across England have made an average saving of £163.08 since tenancy security deposits were capped last year at the equivalent of five-weeks’ rent for assured-shorthold tenancies with an annual rent of up to £50,000, or six-weeks’ rent for tenancies with an annual rent of £50,000 or more.

According to the Tenancy Deposit Scheme (TDS), deposits have typically fallen from 5.5 weeks rent in April to 4.76 weeks in December 2019, with the average renter saving 11.35% or £163.08. 

In London, the saving is even greater with rental deposits dropping by an average of £300.96.

Steve Harriott, chief executive of the government-approved tenancy deposit protection scheme, commented: “Our figures clearly show that since the cap was introduced in June last year, it has had an immediate impact, with deposits dropping and the average renter saving £163.08.”

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