SDLP Housing spokesperson Mr Mark H Durkan said: "At present many landlords are unwilling to return deposits at the end of a tenancy and students, particularly, are often caught by this causing financial stress.
"Many unemployed people, who in turn cannot afford to get together deposits for new accommodation, are also falling victim to this sort of treatment by landlords reinforcing the need for a mandatory scheme to address this issue.
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"A number of families whose landlords have had their properties repossessed, something which has been happening at a frighteningly high rate over the past few years, have also contacted my office seeking help as they have no recourse to get their deposits back and therefore find somewhere else to live.
"A third party holding the deposit would be able to ensure that dire situations such as this could be afforded.
"It is vital that every effort is now made to regulate this sector and ensure protection for all private rental tenants, many of whom, including students, are vulnerable to exploitation and abuse."
(CD/GK)
