Deposit Return: A Guide To Seekers Student Tenant Checkout

Before moving into your new place, most landlords and property management companies will ask for a security deposit, but what happens when your tenancy is up? Do you get that money back? 

Whether you’re looking to move elsewhere or look at a tenancy renewal for your current student property, our guide is here to ensure you receive the right level of deposit return.

How do rental property deposits work?

Regardless of whether it’s student accommodation or a house share for professionals, most rental properties require a deposit, which is a sum paid  before moving in. When you move out again, you’ll get this back, providing you leave the property in the same condition you received it with all fixtures and furnishings intact.

A deposit acts as an incentive to keep the property in great condition, but we recognise it can cause some uncertainty. Wear and tear is to be expected throughout your time living in your student accommodation. However, damage that goes beyond this — such as a smashed window, broken doors, or stains — will need to be repaired or cleaned at the end of your tenancy. The cost of the repairs will be taken from your deposit. 

After paying your deposit at the beginning of your tenancy, it will be registered with a professional deposit scheme to keep it safe. At Seekers, we’re members of The Tenancy Deposit Scheme (TDS), so you can feel confident knowing that your money is in safe, accredited hands.

How much is a deposit in a Seekers property?

When you rent student accommodation in Newcastle from Seekers, you’ll pay a total deposit equal to one month’s rent. If you’re living in a one-bed property, this will be your responsibility, and if you’re sharing a house with others, the deposit will be split between you.

The deposit return process

When you’re nearing the end of your tenancy, you have a couple of options — renewal or moving out. A tenancy renewal agreement allows you to stay in the property for another year. With the absence of new paperwork and no need to move all of your belongings again, you may find that this is the best option when transitioning from your second to final year of university.

Alternatively, perhaps you’ve reached the end of your studies and are looking to move elsewhere — either into a professional house share in Newcastle or to another city. In this situation, you’ll need to check out to receive your deposit return.

How to get your deposit back when you move out

If your tenancy agreement is up and you don’t want to go through the renewal process, a check-out inspection will take place after you’ve left the property. A member of our team will check that the property is in the same condition now as it was when you first moved in, referring back to the inventory report. 

The best way to make sure you get your deposit back in full when you move out is to look at the property inventory from when you moved in. This will detail every item and its condition, from scratches on the floor to chipped door frames. Before moving out, check that the condition now matches that on the inventory — this way, you can prove that any existing wear or damage was not caused during your tenancy. 

If damage has occurred — after all, accidents happen! — you’ll likely have money deducted from your deposit to pay for repair or cleaning costs. In this situation, we’ll provide you with all the relevant paperwork so you know it’s all above board.

What happens to your deposit in a tenancy renewal?

If you choose to stay in your student property with the same housemates, you can arrange a tenancy agreement renewal. When this happens, your deposit will be carried over from the previous tenancy and protected under the same scheme. 

You won’t need to pay another deposit or a tenancy renewal fee. However, in some cases, you may find that a landlord returns your deposit, sets up a new tenancy, and requests the deposit again. 

It’s worth noting that if you sign a tenancy renewal following a fixed-term tenancy ending, your landlord may be able to implement a rent increase. If so, you’ll receive notice of this by email and it’ll all be detailed clearly in a tenancy renewal letter.

Take a look at our guide to student tenancy documents for more information on property paperwork.

What if a new tenant joins?

It’s not uncommon for some housemates to leave and others to move in. From work placement years to swapping courses, or even switching universities, many situations can call for tenancy swaps. 

But what happens to the deposit when someone moves out? Well, the person moving out will need to be removed from the tenancy agreement and have their portion of the deposit refunded. Sometimes, the landlord or letting agent will return the departing tenant's share of the deposit and ask the new housemate to pay their portion. Alternatively, the remaining tenants may have to cover the deposit until the new housemate reimburses them. 

Try to get everything in writing and ensure your tenancy agreement is up to date to prevent any misunderstandings or disputes down the line. Our handy guide has more details on full and part tenancy renewals.

Check-outs and tenancy renewals with Seekers

A big part of the Seekers ethos is to provide students with a home-from-home. That includes navigating deposit returns and tenancy renewals in a fair and straightforward  manner. Whether you’re moving out of your Jesmond student accommodation or looking to stay in your Sandyford student accommodation for another academic year, we’re always on hand to help. 

Explore our Student Hub for more advice on living and studying in Newcastle, and please don’t hesitate to contact us if you have any questions.