Just had an "interesting" conversation with some landlords and agents about the deposit being limited to 5 week's rent.

I had pretty much assumed that everyone would work this out the same way I had done - which was monthly rent x 12, divided by 52, then times 5.

Everyone else I discussed this with worked the way that they used to work out a deposit based on 6 week's rent i.e. monthly rent divided by 4 times 5 (used to be 6).

With a rent of £800 a month, that's a difference of about £70, but the figure that they would get would always be higher than my calculation.

Having thought about it since, there's a third way to calculate it (rent *12 / 365 * 35)* which produces an even lower figure.

* which is basically the rent * 1.15

I'm tempted to go for the lowest possible figure (or switch to making the deposit equal a month's rent for simplicity).

How would you work it out?

I had pretty much assumed that everyone would work this out the same way I had done - which was monthly rent x 12, divided by 52, then times 5.

Everyone else I discussed this with worked the way that they used to work out a deposit based on 6 week's rent i.e. monthly rent divided by 4 times 5 (used to be 6).

With a rent of £800 a month, that's a difference of about £70, but the figure that they would get would always be higher than my calculation.

Having thought about it since, there's a third way to calculate it (rent *12 / 365 * 35)* which produces an even lower figure.

* which is basically the rent * 1.15

I'm tempted to go for the lowest possible figure (or switch to making the deposit equal a month's rent for simplicity).

How would you work it out?

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