Agents must accommodate deposit-free renting
The chief commercial officer of PropTech startup Canopy says that letting agents and Build to Rent landlords need to accommodate the ‘scores of conscientious urban renters’ looking for deposit-free renting.
Jon Pitt makes the claim as Canopy has announced a corporate tie-up with Experian, PwC and Direct Line which will see the corporate firms’ employees offered access to the startup’s rental app.
The app will provide tens of thousands of employees with the opportunity to benefit from Canopy’s DepositFree renting service at a discounted rate. The DepositFree insurance policy – a one-off premium which covers the renter for the length of the rental contract – is backed by Hiscox and means renters don’t have to pay a deposit up front.
Employees of Experian, PwC and Direct Line will also have access to Canopy’s RentTracking product which incentivises tenants to track rent payments.
Renters will also be able to create a digital profile called a Rent Passport where they can build a Trust Score which verifies their rent payments, creditworthiness and past references, allowing landlords to carry out the vetting and pre-tenancy process more quickly.
“We’re thrilled to partner with these corporations, and believe that the uptake in deposit free renting by industry leading companies represents an overwhelming tide of change in the rental sector, as deposit-free insurance becomes the norm for professional employees working within our largest corporations,” says Pitt.
“We believe this represents an important signal for agents and build-to-rent landlords, who will now need to accommodate the scores of conscientious urban renters looking to lock into deposit-free rental accommodation.”
“Naturally, property market leaders will want to take advantage of this trend, as deposit free renting has well and truly hit the mainstream,” he says.