An increased number of tenancies are ending in arrears worth more than five weeks’ rent, research from Reposit shows.
In 2024 so far, at the end of 17% of tenancies landlords said they needed to reclaim more than five weeks of rent to cover costs such as rent arrears or damage.
This represents an increase from 13% in 2023.
Ben Grech, chief executive of Reposit, said: “Our figures show cash deposits are now inadequate across a significant portion of the market and one which is growing, most likely caused by the cost of living crisis.”
Reposit has a product which offers landlords eight weeks of rental cover.