Tenants benefit from new rules to protect their rental deposits

Saturday 05 November 2016

More than 3,500 tenants have been benefiting from new rules to protect their rental deposits.

For the last year landlords and letting agents have been legally required to protect their deposits by placing them in the States' approved 'mydeposits Jersey' scheme.

Under the law all landlords and agents who take a deposit from their tenant on a new, renewed or varied tenancy agreement must transfer the money to mydeposits within 30 working days of receiving it. Any who fail to do so could be fined up to £2,000.

Housing Minister Anne Pryke said: “I am immensely pleased with the response to the scheme from landlords and tenants over the last year. More than 3,500 tenant deposits have been received so far from over 1,100 landlords and agents, and this will increase further over the next few years as more tenancies fall under the protection of the scheme.”

A recent survey carried out by mydeposits Jersey showed that over 90% of tenants were aware of the scheme and how it protects them.

The Chief Executive Officer of mydeposits, Eddie Hooker, said: “It is great to see so many tenants supporting this important initiative from the States of Jersey. Tenancy deposit protection is designed to ensure tenants get their deposit back when they’re entitled to it at the end of the tenancy.”

Deposit protection aims to give tenants greater confidence that their deposit money is being held securely and will be repaid at the end of an agreement.

Deputy Pryke said: “Landlords are legally obliged to protect their tenant’s deposit when they create a new lease or renew or vary an existing lease, and that they should register with mydeposits as soon as possible.”