January 2019: The No Deposit Option (NDO) has evolved to the Residency tenancy membership - find out more.
The launch of Romans’ No Deposit Option has introduced a number of great benefits to our tenants, primarily reducing the financial burden placed on them each time they wish to move. The scheme makes renting a property more affordable, both for first-time renters (who no longer need to save to raise an initial deposit) and for existing tenants (who do not have to raise a new deposit whilst their previous one is tied up in their current home).
It’s not just tenants who are benefiting from the scheme, though. Romans’ landlords have seen a huge increase in interest in their homes, with these listed properties receiving more online views and letting more quickly than those excluded from the scheme.
But that’s not all! Having looked at the data and feedback over the past year, we know it also provides:
Higher tenant demand
With tenants requiring more flexibility than ever before, thanks to social and work commitments, it’s important the rental market can offer this to them. The No Deposit Option offers this, meaning that we’ve seen a huge increase in the number of new applicants specifically requesting to rent properties without the traditional deposit. What does this mean for our landlords? Higher demand for their properties, more property viewings and a wider audience to market to.
Reduced void periods
We know the importance of keeping your rental property occupied for as long as possible. So, when one tenancy agreement comes to an end, you can be sure that the higher tenant demand from the No Deposit Option beings a faster re-let process and therefore a potential reduction in void periods.
Extra financial protection
All tenants under the No Deposit Options are equally accountable for their home as they would be under our traditional deposit scheme. Whilst the initial deposit process is forgone, our landlords can rest assured that their properties are indemnified by Romans for the equivalent of seven weeks’ rent – that’s an extra 40% on the traditional five weeks that most standard deposits cover.
What’s more, it’s helping our landlords welcome more prospective tenants, and let their properties quicker:
- 61% of our new tenants are choosing the No Deposit Option
- Properties on Rightmove are receiving 16% 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.
Romans' 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.
Find out more about NDO