January 2019: The No Deposit Option has evolved to the Residency tenancy membership - find out more.
Our innovative No Deposit Option (NDO) is designed to ease the financial burden placed on tenants. Rather than paying a large deposit equivalent to six weeks’ rent upfront, you can instead pay a small monthly fee and enjoy deposit-free renting!
Giving you more options
The scheme makes renting a property more affordable, both for first-time renters who no longer have to save a deposit and for existing tenants who do not have to fund a new deposit while they still have such funds tied up in a current home.
One of the most common reasons tenants are forced to stay in their rental property is that they are unable to afford the deposit for a new property before their existing deposit is returned. With NDO, this is no longer an issue, meaning you are able to more easily move home.
Helping build your credit history
Currently, rental payments do not positively impact a tenant’s credit history even though rent is often the largest regular payment many tenants make. With NDO, Leaders’ tenants will benefit from Experian tracking their rental payments to ensure those who pay in full and on time are contributing positively towards their credit history. This in turn will result in tenants who are more motivated to improve their credit history, reducing the likelihood of missed or late payments.
To see properties that are available to rent with our No Deposit Option click here.
Leaders' No Deposit Option (NDO) is part of the Residency membership. With this option the tenant can pay the monthly membership fee without the need to have the traditional deposit amount tied up for the duration of the tenancy. The tenant will still be liable for any damages at the end of the tenancy and there is a monthly fee to be a Residency member.
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