While the industry standard deposit remains as six weeks' rent, a quiet rental rebellion is taking place. Renters in areas such as London's Wembley Park are being given the opportunity to enjoy zero deposit renting.
Lifestyle-led rental homes company Tipi is one of those spearheading the change in line with their pledge to provide residents with their ideal home, designed with the easy life in mind.
"For too long, renters have had to face onerous requirements in terms of large deposits when they rent a new home. It's time that we take a fresh look at the need for deposits and help the UK's renters free up that money and use it for other purposes."
Rajesh Shah, Managing Director, Tipi
According to the Department of Communities and Local Government, the total value of cash taken out of the economy by deposits stood at £4.1 billion at the start of the 2017/18 financial year. It is this staggering sum that rental brands such as Tipi are looking to unlock.
Tipi has previously worked to bring down the amount of deposit that its residents have had to pay. The company launched with a flat rate deposit of £1,200, which it subsequently reduced to £1,000 - well below a month's rent for a London apartment and especially in such a premium location. Now, Tipi has successfully trialled zero deposit renting across a number of its apartments and will be rolling the scheme out more widely.
With Tipi's new Landsby development, the company have been rolling out zero deposit renting to all new residents. Existing residents will also be offered the opportunity to sign up in order to reclaim their current deposits.
Tipi's purpose with introducing the zero deposit offering is to simplify the rental experience - something that they are already doing through a no fees policy and on-site staff teams. Tipi is leading the rental sector in other ways, as well. Its Build to Rent accommodation blends outstanding homes with innovative social spaces, such as a large resident kitchen and private dining room, a lounge, podium gardens and two roof terraces - all of which are available for Landsby residents to use at their leisure. Regular social events, from Eurovision parties to supper clubs with MasterChef contestants, contribute to a strong sense of community.
"The best thing about living at Tipi is the inclusiveness. The events are open to all residents and is something that I'm sure not many other apartments have. We've made some friends from another Tipi building that we would have never met if it wasn't for the social events."
Danny Cook, Resident, Tipi
Tipi's approach is to consider the rental experience from the resident's perspective at every turn. This has led them to abolish things such as final deep cleans, inventories and referencing costs and to include utilities and superfast broadband within rent. Landsby's doors are also open to (well behaved) pets, in an effort to address the challenge that pet owners face in finding suitable rented accommodation.. Residents in Landsby can also enjoy a choice of bold, exciting colour schemes, Samsung devices and John Lewis furniture. Feedback from residents has, understandably, been extremely appreciative.
With so many innovative policies in place, it will be exciting to see how the rental experience continues to unfold for Wembley Park residents as the Tipi team pursue their goal of a true rental rebellion.
Eligibility for the zero deposit scheme is subject to Experian credit checks. Apartments at Landsby are priced from £1,775 pcm for a one-bedroom home, £2,170 for a two-bed and £3,225 for a three-bed. All include utilities and 40 mb/s broadband. Every apartment also has a balcony or terrace overlooking either the iconic Wembley Stadium* arch or the beautiful, sedate Elvin Gardens.
For more information or to book a viewing with the Tipi team, visit www.tipi.london , or call 020 3151 1927. You can also find out what current residents think about living at Tipi here.
* Wembley Stadium is the property of The FA Group and run by Wembley National Stadium Limited, a subsidiary of The Football Association.