Security deposits can be a source of stress and frustration for both landlords and tenants. Tenants typically expect to receive their deposit fully upon moving out, even after causing damage that requires money to repair. Landlords are also stressed when tenants argue about legitimate deductions.
Despite strict deposit rules, some landlords are making illegal deductions from tenants’ security deposits. Unfortunately, this is a reality that many tenants experience. However, 7 students from Leeds had a completely different experience, which they left in awe of their landlord.
7 residents of Leeds receive an unexpected bonus for “good tenants” from the landlord
Seven students renting an apartment in Leeds were shocked and excited when their landlord returned their bail and gave each of them a £ 50 bonus. The students had lived in the apartment for three years before they graduated and separated.
The students were overwhelmed by the friendliness of their landlord and the world too. The students shared their landlord’s text on Twitter, which read:
“As a thank you, I added a small £ 50 bonus to each of your deposits, making it £ 300. Now the shops open again. I hope you can buy something nice. They were all excellent tenants. “
When a tenant receives this type of message (and bonus) from a landlord, it is a strong reminder that not all landlords are selfish. Some landlords value their tenants and are willing to go the extra mile to recognize these tenants.
Not all good tenants will be as lucky as these 7 students
The seven students who received a generous bonus from their landlord are lucky. Not every good tenant will experience this level of appreciation and generosity. Being a good tenant is often not recognized.
A landlord who does not recognize good tenants is not necessarily a bad landlord. A landlord’s life is sometimes busy and chaotic. Landlords often just try to do their jobs and live their lives. However, landlords who go out of their way to recognize, reward and get in touch with tenants have better relationships with these tenants. Maintaining a good tenant relationship is key to retaining long-term tenants who won’t destroy property.
Needless to say, some landlords could use a boost when it comes to tenant relationships. While providing a bonus may not be a matter for every landlord, changing security arrangements can help improve tenant relationships.
Can changing the deposit improve the relationship between landlords and tenants?
Security deposits have been an issue for decades. To reduce tensions, many cities are adopting new regulations that allow this Alternatives to security deposits. Although not all cities require landlords to offer deposit alternatives, landlords in growing cities like Houston and Seattle should at least consider the option.
Not every tenant can pay a full deposit as a lump sum. Just because a tenant can’t pay the deposit in advance doesn’t mean they can’t pay their rent. Generating a lump sum deposit can be an obstacle for people who live from paycheck to paycheck and don’t have a padded savings account.
A deposit of one month’s rent (or more) can prevent low-income people from finding an apartment. The provision of payment alternatives makes it easier for these people to build houses.
Current security alternatives in certain cities include:
- Allow tenants to pay the deposit in installments over a period of 6 months
- Allow low-income tenants to make a reduced deposit at a state-determined amount
- Tenants can take out a rental deposit
Rental deposit insurance has potential
Of all the options listed above Security deposit insurance is a relatively new service and has the potential to make life easier for tenants. However, it doesn’t work like standard insurance. Instead of paying a monthly fee, tenants pay a flat rate for the cover. In contrast to an actual down payment, the lump sum insurance premium is non-refundable.
For example, if a tenant is required to pay a $ 1,000 security deposit, they may pay a flat fee of $ 250 for the security deposit. At the end of their lease, the insurance company pays up to $ 1,000 for damage. In the absence of damage, the lessee will not receive the $ 250 back. The tenant benefits from not having to come up with $ 1,000 to move to a new house.
There are big landlords
As the coronavirus pandemic has shown There are big landlords, but there is always room for more. Hopefully more landlords will recognize good tenants with kind words and cash rewards.
Do you wanna tell your strange story Tell us about it and it could be featured on Oddee. You can remain completely anonymous.