The deposit tenants are required to pay makes renting more challenging and can impact big life decisions. We want to ease the financial burden placed on tenants, so now offers the No Deposit Option (NDO), as a benefit of our The Residency membership.
Our innovative No Deposit Option (NDO) allows tenants to move quickly, and easily, with no rental deposit. Rather than paying a large deposit upfront, you can instead pay a small monthly fee* and enjoy deposit-free renting. It is part of The Residency member, a in exchange for this fee, tenants will benefit from:
Under the traditional deposit scheme, tenants often delay moves in order to save up the upfront deposit. Not only does this often delay moves but it can also make moving from one rental property into another increasingly difficult. A deposit for a new property is often required before the deposit from the existing property has been released. With deposit free renting, this is no longer an issue.
Currently, rental payments do not positively affect a tenant’s credit history even though rent is often the largest regular payment many tenants make. In exchange for the small monthly fee, our tenants will benefit from Experian tracking their rental payments to ensure those who pay in full and on time, see a positive impact on their statutory Credit Report.
When piloting this new product, many landlords asked the same two questions; “How can there be no deposit?” and, “What happens if the tenant damages my property?”
Landlords can rest assured that, properties marketed under the zero deposit option scheme will be indemnified by us for the equivalent of 7 weeks’ rent – that’s 40% more protection than the standard 5-week deposit. If there are damages at the end of the tenancy, we will liaise with the tenant during the check-out process to ensure any issues are rectified before the next tenancy begins.
It’s a win-win, tenants only pay for the work that’s needed and landlords have the peace of mind that repairs are being taken care of.
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