Average Sheffield rental deposit almost £600

Rental property deposits in Sheffield are reducing
Rental property deposits in Sheffield are reducing
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A typical deposit for moving into a rented property in Sheffield is almost £600 - 40 per cent below the national average, new figures have revealed.

The Deposit Protection Service say landlords who have rental houses with a Sheffield postcode typically ask tenants to put down an average £570.83 when moving in.

The DPS say the figure is almost £400 cheaper than the national average of £970.48.

Julian Foster, Managing Director at The DPS, said: “Tenancy deposits give landlords peace of mind when they rent out property, but they are usually large sums and are often the most financially demanding aspect of moving house.

“Nevertheless, when landlords protect the money with The DPS, renters can also be assured that their money is safe throughout their tenancy, and that they’ll have recourse to free, impartial adjudication if there is a dispute when they move out.

“Both landlords and tenants need a deposit protection service that is fast, efficient, clear and communicative, and The DPS has been entrusted with over 3.2 million deposits since we launched in 2007.”

The average deposit asked for by Sheffield landlords has fallen slightly in the last three months - being £11.48 cheaper than the previous quarter.