For students or for people who can not provide any guarantor details: if I asked for the equivalent of 6 month’s rent in advance as the deposit; then does the full amount (all 6 months) goes toward the deposit protection scheme offered by OpenRent or can I choose the amount?
Are you using Rent Now to let this property? If so, then here’s some info.
Rent in advance doesn’t go towards the tenancy deposit. Only the tenancy deposit will be registered within the tenancy deposit protection scheme.
The tenant will have to pay the first month’s rent to us, which will then pass on to you.
If you want to collect six months of rent in advance, then the remaining five months must be arranged to be paid by the tenant directly to you.
If you’d like more help on this: