Half of students lose rent deposits when moving out

More than 50% of students have lost their rental deposits, with eight in ten saying that their money was held unfairly.

Figures show that more than five in ten lose the full amount of their rent deposits, meaning cash strapped students are being hit with an average bill of £150 at the end of their tenancy.

This is despite over two-thirds believing that their money was held unfairly and have filed a dispute.

Have you lost your deposit before?

The Nationwide research, which surveyed over 1,000 students who left university in the last two years, was conducted to highlight the money struggles of university students.

It has proven that the lack of awareness and experience with housing and budgeting may cost them £150 at the end of a tenancy year.

The new statistics also revealed that male students were more likely to get their deposits back than women.

It highlighted that gender played a role in the success of getting a refund. Results showed that male students (39%) were far more likely to get their money back in comparison to females (22%).

However, seven out of ten students also admitted that they expected to lose some of their deposit.

Students have said that their housemates also contribute to their financial struggles

Students surveyed also said that housemates left them out-of-pocket. With over a fifth (21%) saying they didn’t pay the bills on time. As well as not paying back borrowed money.

To avoid losing your deposit, Nationwide representative advises that you keep the property clean and damage-free.

Carl Burke, Nationwide’s Head of Current Account Products, said: “We would always urge students to prepare for living away, so that there is less chance of a nasty surprise when their time at university comes to an end.

“When it comes to getting a rental deposit back, the first rule is to keep a property clean and damage-free.

“Students should also make sure their landlord protects their deposit with an authorised scheme, agree an inventory at the time of renting and read the small print on the tenancy agreement.

“Other ways of keeping on top of finances include setting a budget and finding ways to manage bills with housemates to ensure they don’t end up out-of-pocket.”

 

Nationwide’s FlexStudent is the UK’s only completely fee-free student current account. It offers an overdraft that grows from £1,000 in the first year of university to £3,000 in year three.  The account offers 1% AER in credit interest on balances up to £1,000 and is linked to Nationwide’s Simply Rewards cashback shopping scheme.

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Claisse Opulencia

Editor-in-Chief of Unified. Claisse is a third year multimedia journalism student at CCCU. Amnesty Media Award Finalist 2018, IRN Awards Runner-up 2018 and nominated for two SPA Awards 2018.

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