Landlords: deposit-free renting move with £0 deposit today
Mary-Anne Bowring 09/12/2019
1965
The total number of new deposits being taken from renters has dropped by 17% compared to 2018, according to Landlord Today. This is thought to be the result of longer tenancies and also the fact that the Tenant Fees ban that came into force in June, caps the number of weeks rent that can be taken as a deposit.
The average deposit paid by renters has also fallen from £1,366 to £1,299 in the last 12 months. But deposit payments are still 7% higher than in 2015. This is a big chunk of money for people to find, on top of the other costs involved in moving into a new property. So deposit alternatives and even no-deposit renting are becoming increasingly popular with landlords wanting to give their properties extra kerb-appeal for renters. If this is a route you fancy taking, our PlanetRent app makes it really easy to offer deposit-free renting to your tenants. We use deposit-alternative provider Reposit, which is FCA regulated and offers landlords insurance to cover them in case tenants default on paying for end of tenancy breakages etc and damages can’t be recovered. Using PlanetRent is as easy as this: Set up your properties, ticking the box to offer deposit-free renting. Invite tenants to enter their referencing information. ·
We feedback the decision and offer a deposit alternative If tenants want to go ahead, they pay one week’s rent and the landlord gets eight weeks rent protection. If you use an agent you can invite them to the app so you can offer deposit-free renting via their website/shopfront – and if you self-manage, PlanetRent gets rid of the paperwork and the risk for you. So why not click here to download details of how it all works and get started today – it’s free!
Planetrent Properties
info@planetrent.co.uk
0208 0599 550 (for sales)
Under Offer: This term applies to a property where the landlord is considering an offer but remains on the market. It implies that further offers may still be considered until the landlord formally accepts or declines the current offer.
Let Agreed: This term indicates that a landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It doesn't require the prospective tenant to have paid a holding deposit.
Let: This term signifies an established binding rental agreement between the landlord and tenant.
For both lettings and sales, the guidance addresses additional terms:
New On The Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.
New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.
New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.
New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.
Reduced: This term indicates that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices.