Rent Now - Allow Deposit Replacement

Landlord Discussion Legal
1

Question for those LLs who regularly use Open Rent’s ‘Rent Now’ service. When creating/editing the contract, there is an option to ‘Allow Deposit Replacement’ which is an alternative to the usual security deposit paid by the tenant at the start of the tenancy.

As a LL, do I have to give tenants the option to choose if they wish to use a traditional deposit or is it up to me as the LL?

How do you deal with this with prospective tenants?

2

You have to give the tenant the choice of a traditional deposit or a no deposit scheme. I believe if you offered only the no deposit scheme it somehow breaches the Tenant Fees Ban. All the adds on RM that offer no deposit schemes also offer the traditional deposit making it the tenants choice.