What is a tenancy deposit?

A tenancy deposit, or security deposit, is a sum of money paid by a tenant before they move into a rental property. Deposits can be used to cover costs incurred by the tenant at the end of the tenancy, such as property damage or outstanding rent arrears.

Deposits collected via lettingaproperty.com are paid with the first month’s rent, after the tenancy agreement is signed and before the tenant moves in.

In England and Wales, the deposit can be more than five weeks’ rent (or six weeks for rents above £50,000 a year). In Scotland, deposits are capped at two months’ rent.