Get Living recently announced that it is to scrap security deposit requirements from the 14th of June this year for all new residents. The provider of rental homes is also planning to return all security deposits to its current residents, in a move that will see around £3m released back into the UK economy.

This latest move by Get Living reinforces its new approach to private renting in the UK. Launched in May 2013, it is behind the country’s largest single-site PRS scheme at the former London 2012 Athletes’ Village, now called East Village, E20, and home to more than 3,000 renters. The firm has a further 4,000 homes in the pipeline across the UK.

Neil Young, CEO at Get Living, said: “We were the first to revolutionise the rental experience in the UK by removing agency fees and introducing longer term tenancies as standard. We know that the cost of living can be high so, as a responsible landlord with a long-term perspective, it is important for us to be able to identify and address areas where we can alleviate the burden on our residents. Scrapping security deposits and returning existing deposits to current residents is yet another step we are taking to show we are firmly on the side of renters.

“We launched four years ago this month and in that time our average deduction from deposits has been just a few days’ rent, with the majority of our residents getting their deposits returned in full. We have great relationships with our residents and, given they are taking such good care of our homes, why should we hold six weeks’ rent? We can do this because we have the scale and track-record to know it will work.