January 2019: The No Deposit Option has evolved to the Residency tenancy membership - find out more.
Following the launch of our ‘No Deposit Option’ in 2018, thousands of tenants across the country have been reaping the benefits of our market-leading scheme. From reduced financial strain to a smoother transition between tenancies, our tenants are thrilled with the numerous benefits No Deposit Option has to offer.
However, they’re not alone – our landlords have also been reaping the benefits of this revolutionary scheme – with higher tenant demand, reduced void periods and additional protection just three of its great number of perks.
Higher tenant demand
With corporate and social commitments to balance, prospective tenants require more flexibility than ever, when it comes to renting. Our No Deposit Option listed properties are catching the eye of more and more tenants who are seeking their ideal home, but who may struggle to scramble such large upfront deposits together in time. No Deposit Option enables them to make affordable monthly payments towards their deposit fund, once they’ve moved in.
Reduced void periods
With more and more tenants interested in our No Deposit Option properties, our landlords are benefiting from far quicker turnarounds between tenancy agreements, subsequently resulting in extra visibility for their rental properties and reduced void periods.
As with a traditional deposit scheme, all No Deposit Option tenants are accountable for damages to their rental homes. The difference? Our No Deposit Option landlords are protected with an additional 40%, as Leaders will indemnify landlords for the equivalent of seven weeks’ rent.
What’s more, our landlords are welcoming more prospective tenants, and letting their properties more quickly with No Deposit Option:
· 61% of new tenancies now commence with our No Deposit Option
· No Deposit Option listed properties on Rightmove are receiving 16% more views from prospective tenants
· No Deposit Option listed properties on Leaders.co.uk are receiving 17% more views from prospective tenants
Want to learn more about how this unique scheme can benefit you or would you like to register your interest? Click here to find out more about our No Deposit Option.
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.