Rent Without Deposit
Description
How to fill out Addendum To Apartment Lease Regarding Security Deposit?
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FAQ
The Zero Deposit Guarantee scheme replaces the traditional cash deposit with insurance, paid for by the tenant. The landlord is covered against financial loss by a sum that is the equivalent of six weeks' rent.
In this case, it is best to open a basic savings account and deposit all your income, so the statement of that account will serve as proof. If you choose this option, keep in mind that the same amount of money must be deposited for at least three months in order to verify that you have a fixed income.
If you don't have pay stubs to show proof of income, there are a variety of other ways you can do it. Ask about using an employee letter, a W-2, bank statements, and any other document we listed above. Be sure to communicate during this process to ensure the right documents are provided and accepted.
It's particularly beneficial for individuals who are new to the rental market, have a poor credit history or tenants who move frequently, as it eliminates the need to constantly save up for new security deposits (while the one previously paid is tied up!). It's also a good option for students and people on low income.
A zero deposit scheme is a way of renting a new home without paying a hefty upfront deposit (currently capped at five weeks' rent). Instead, you'll be asked to pay a non-refundable fee based on a week's rent only. If you intend to share the property with other tenants, you can split this fee between you.
