Tag: Deposit-free renting

How PlanetRent takes the pain out of rental deposits

Lesley Davis Leave a comment
Want to offer deposit-free renting to your tenants? PlanetRent can help.

Are you charging the right deposit? With the Tenant Fees Act now in place for all tenancies, security deposits have been capped. This means landlords can only charge the equivalent of five-weeks’ rent for assured-shorthold tenancies with an annual rent of up to £50,000, or six-weeks’ rent for tenancies with an annual rent of £50,000 or more.

To avoid any mistakes, why not go ‘deposit free’? Our new cloud-based lettings platform PlentRent is connected to Reposit, whose FCA-regulated product provides up to eight weeks rent/damages cover for the cost of one week’s rent. This cost also includes referencing. By using PlanetRent to manage your lettings, you can offer tenants the choice of a Reposit or a traditional deposit if they prefer.

Another key feature – and one which landlords really do find appealing, is that PlanetRent ensures the deposit repayment process is non-adversarial. Both landlords and tenants can see proposed deductions and supporting invoices on their portals and each can accept or dispute deductions line by line to narrow down any issues arising.

PlanetRent also automatically sends out a How to get your deposit back guide to renters, so they know exactly what they have to do and when. PlanetRent really does make renting easier and more efficient for you and your tenants. There’s no subscription and you can simply pay-as-you-go. so why not check out PlanetRent and take the pain out of rental deposits today.

www.planetrent.co.uk

Why not READ our Property Blog too: www.ringleypropertyblog.co.uk

PlanetRent makes deposit-free renting safe and easy

Lesley Davis Leave a comment
planetrent logo

Agents and landlords can now offer deposit-free rentals safely and easily with our new lettings platform PlanetRent. The average deposit paid by tenants over the past year sits at £1,299 according to mydeposits. With the earnings of a typical Brit estimated by the Office for National Statistics as £585 a week, most deposits would be more than half a month’s income.

By using PlanetRent, your tenants get a much better deal.  Our partnership with deposit alternative provider Reposit ensures landlords are protected while tenants can move into their new home and avoid putting down a hefty deposit.

Here’s how it works. Renters simply purchase a ‘reposit’, which costs just one week’s rent as a service fee. Reposit then offers market-leading property protection of 8 weeks to PlanetRent landlords – with very little admin and zero risk. PlanetRent landlords can use the service automatically, with all of the information around the tenant and the tenancy contract sent to Reposit at the first instance.

Research by Legal and General reveals that 15% of people have no savings at all, and just under a third have less than £1,500 in the bank. With coronavirus upending the economy, household finances are likely to worsen, underlining the need for solutions that reduce key living costs such as renting.

Landlord Today reports that a survey of more than 4,500 private landlords by the National Residential Landlords Association (NRLA), shows 90% of landlords with tenants who are struggling to pay their rent are bending over backwards to help.

By using PlanetRent with Reposit, landlords and agents can cater to renters whose personal finances have suffered from the disruption caused by coronavirus. The partnership between PlanetRent and Reposit allows landlords to house a greater range of people, including those on lower incomes who can’t necessarily afford a traditional deposit, while staying protected, and those looking for their first job, just leaving education or looking for their first home.”

Mary-Anne Bowring, group managing director at Ringley and creator of PlanetRent, says: “Deposits help ensure landlords are protected from any extra damage caused by tenants beyond reasonable wear and tear but for many renters, they are a huge financial burden and will be even more so thanks to the uncertainty caused by coronavirus.”

The partnership between PlanetRent and Reposit takes the pain out of renting. Our new cloud-based platform really is lettings automated – it’s quick, easy and hassle free for landlords and agents and now its deposit-free for tenants too.

www.planetrent.co.uk

Why not READ our Property Blog: www.ringleypropertyblog.co.uk