As of today, you will find a number of our professional and student rental properties available to its with Zero Deposit. In a move to make the process of starting a Tenancy more affordable, the new scheme offers Tenants a choice between the traditional cash deposit or the choice to purchase a guarantee through Zero Deposit.
Zero Deposit, which launched in February of this year, is a fully regulated scheme backed by Zoopla. It enables Tenants to cover their deposit in return for a fee totalling a week’s rent, instead of the traditional five week’s rent usually required as a cash deposit. In case of any end-of-tenancy disputes, the scheme has an exclusive partnership with the Tenancy Deposit Scheme (TDS) who will arbitrate.
“Moving can be expensive for any Tenant” says Let Leeds’ MD, Luke Gidney. “More often than not, people need to come up with a deposit for their new property before receiving it back from their previous one, which means there’s a shortfall in cashflow and a considerable amount of money tied up in deposit schemes at any one time”
“By partnering with Zero Deposit, we are now able to offer our Tenants a choice of how much money they need to put down up front; this means more flexibility for them and, just as importantly, the same level of assurance for our Landlords, to ensure that they are happy too”.
“We are delighted to be the first agent in Leeds to offer this service and expect many of our Tenants, particularly within the student market, will benefit from this more modern approach to the deposit system.”
For Landlords, the solution offers them the same peace of mind as the traditional deposit system and Tenants remain fully accountable for any damages or unpaid rents. It provides effectively the same cover as a 6-week Tenancy deposit but with a smaller investment upfront for the Tenant, which in turn could make your property a more appealing choice and help minimise void periods.
If you are a Tenant, click here for more info on Zero Deposit.
If you are Landlord, click here or contact your Property Manager to discuss in more detail.
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