As a student tenant, university goers must pay their rent on time each month, but a security deposit is sometimes required before they can move in.
Deposits are designed to benefit both landlords and students. For instance, if a student causes property damage, the money is already present to pay for it and landlords can affect repairs. Students don’t always have extra income available to cover accidents, but a deposit offers peace of mind, reduces stress and resolves problems quickly for all parties involved.
What is a student security deposit?
Sometimes called a tenancy deposit, a security deposit is a set sum paid by student tenants to their landlord or property manager before they take up residence in a rental property. As its name suggests, the deposit serves as security in case the student causes damages or fails to pay their share of the rent. The security deposit is essentially an extra level of insurance to cover unforeseen costs and manage circumstances where a student tenant finds themselves in arrears with their rent.
In England and Wales, the Housing Act of 2004 insists that landlords and property managers store tenancy deposits in a Tenancy Deposit Protection scheme authorised by the government for the full duration of the tenancy. Examples include mydeposits, the Deposit Protection Service or the Tenancy Deposit Scheme. Deposits must be paid into schemes and tenants notified within 30 days of receiving deposits.
Do all student tenancies require a security deposit?
While many private accommodation options require that students supply a security deposit before they move in, this isn’t always the case. Some properties will allow students to supply a personal guarantee signed by a person of responsibility, such as a parent or guardian.
At Bed Student Rentals, we have a wide range of properties for students to rent in Chester, close to all the major university campuses. While some of these options are no deposit student accommodation in Chester that accept a guarantor, others will request a tenancy deposit before students can move in. If you see a property that we have listed that you’re interested in, feel free to get in touch with us for further details regarding whether a deposit is required.
Written By
Mark