As property prices and the cost of living have continued to rise over the past decade, the financial burden placed upon many tenants has not gone unnoticed. To help ease the financial pressure, the government has made a number of policy changes in the hope that moving home will become more accessible for everyone. To aid the government in its objective to make the property market accessible to everyone, Romans has reviewed its own offering to explore how it can help our prospective tenants improve their cash flow. Our solution? To offer an alternative to the large, upfront deposit tenants must pay, in the way of a No Deposit Option (NDO).
Offered as part of The Residency membership, tenants can opt to pay a small monthly fee in lieu of a traditional deposit*. In return for this, they will get a lot more than just deposit-free renting. They also benefit from the exclusive Romans features including:
- Credit history contribution - all rental payments contribute towards their Experian Credit Report
- Exclusive discounts - accessible via your Romans portal, helping tenants save money across hundreds of well-known brands
- Virgin Media savings - receive up to £100 in credit towards your media bundle when renting with Romans
- Discounts on domestic appliances - receive great savings on Russell Hobbs appliances
- Access to legal helpline - you're entitled to free and impartial legal advice via our free 24/7 hotline
- First-time buyer advice - access to free advice on how you can take a step onto the property ladder, if this is a goal you're working towards!
Read our full list of The Residency benefits, here.
How else does NDO benefit tenants**?
Considering how long it takes many tenants to save up six weeks’ rent, removing the demand for an upfront deposit means many can move in quicker and makes moving from one rental to another a whole lot easier. Those who have already placed funds into a deposit scheme find that when moving into other rental accommodation the deposit from their old property is not released in time to be used for the new property - meaning they have double the amount of money tied up! With NDO, this is no longer a problem.
Michael Cook, Lettings Director at Romans comments: “With reports that 46% of tenants are saving up to buy their own property, we want to help tenants achieve their dream. Despite being the largest regular payment many tenants make, rental payments do not count towards their credit history. So we’ve partnered up with Experian to ensure that rental payments are tracked so tenants don’t need credit cards to prove their reliability.”
Are you a landlord, wondering how NDO will benefit your buy-to-let property? Check out how NDO affects landlords!
Looking for your next rental property? Check out our latest listings here.
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.
January 2019: The No Deposit Option has evolved to the Residency tenancy membership - find out more.
* Both the landlord and the tenant need to agree to the No Deposit Option
** Subject to approval.