What is deposit replacement scheme and how much more deposit can I charge a pet owner?

What is the deposit replacement scheme and how much can I charge a pet owner? What can the deposit be used for now I have heard it is very limited.

Hi Chris, all the new rules are here.

Essentially, tenancy deposits are capped at five weeks’ rent.

Sam

Hi Chris

If you don’t mind having a pet in your rental, the best move is to increase your rental fee. This should cover any additional damage caused by the pet. The deposit will be equally higher.