Deposit scheme for bonds

Hi other landlords, so I see in the Openrent contracts, they offer tenants the option of this new deposit scheme thing, which of course they’re all gonna go for and I have to accept it. I’ve just signed a new tenancy agreement with this. What do experienced landlords think of the scheme? Thanks.

You dont have to accept it, it’s your choice. I wouldn’t use it, it’s not good for tenants as it costs them a weeks rent which they dont get back and if a tenant isn’t able to put together a deposit of 5 weeks they probably aren’t in a good financial position so you have more chance of issues paying rent.

1 Like

That was my thoughts. The negatives to them are their choice, but the contract seemed to say you had to accept it, so, we’ll see. Thanks for speedy reply.

You do not have to accept it . Note Richards last coments

1 Like

I’ve used Openrent several times, and all of my tenants have paid a traditional deposit. No one has chosen the deposit replacement option.

5 week’s rent deposit over bond every time.

1 Like