It's what every renter dreads prior to moving into a new home – the unreasonably high deposit needed to secure the property, to say nothing of the often exorbitant estate agent fees. But now, the rental homes company Tipi (opens in new tab) is leading what they're calling a 'rental revolution' by offering zero-deposit renting in their new Landsby (opens in new tab) development in Wembley, north London.
The all-rental residential complex offers one-, two-, and three-bedroom apartments, all with balconies or terraces overlooking Wembley Stadium or gardens. Social spaces include a residents' kitchen, lounge, and dining room, and there's a pet-friendly policy. The brand-new apartments come furnished with John Lewis furniture and include utilities and super-fast broadband.
They're not exactly cheap (prices start at £1,775 per month for a one-bedroom flat), but, compared with many private rentals on the market, the standard of accommodation on offer is impressive.
How are the company able to offer the rentals without requiring a deposit? By replacing the scheme with Experian credit checks. So, if your credit rating is healthy, and you're looking to rent in north London, you could do a lot worse.
Rajesh Shah, managing director of Tipi, comments, '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.'