OpenRent Community

When is the holding deposit and first months rent paid?

#1

Hi,

I’m a new OpenRent user and have signed up for rent now.

I’m letting my property from 8th June. I’ve had queries from prospective tenants about when they would need to pay the first months rent and deposit. I know a £200 holding deposit is provided, but that doesn’t provide me with enough security that if I let it out next week, the person would not pull out by the time the rent become due in June. So my question is, when is the first months rent and the security deposit due? And is there a way to increase the holding deposit?

Thanks in advance.

#2

Hi Wyndham,

The tenants should pay the final balance as soon as the contracts have been signed.

This is the case even where a tenancy is starting a couple months down the line. Naturally, if landlords are happy to push this back a little, then that’s all fine also.

We regularly send out reminder emails to all parties about any outstanding payments, as we want your Rent Now tenancy to complete as soon as possible!

In terms of requesting a larger holding deposit - not uncommon at all.

Ours is fixed at £200, though here is some guidance on how to arrange this directly.

Any other questions about Rent Now, just let me know.

George