Everyone renting in the UK knows how difficult it can be to pass the credit scoring system, and find the deposit that landlords require. So if an employer can offer a deposit insurance scheme, which gets around the need to find six weeks rent in advance, then many employees – especially first time renters – are more likely to choose to work for those companies. Here’s the latest news from Canopy:
Adding to its recent partnership with John Lewis, rental app Canopy has announced three new corporate partners. With Canopy, partners will be able to offer employees deposit-free renting, as part of an overall benefits package aimed at improving financial wellbeing beyond the workplace.
Employees working at these corporates will also be able to access Canopy’s RentTracking solution which incentivises renters to track payments, and could help Britain’s millions of renters achieve their dream of owning a home and accessing affordable financial products, in the future.
Employees will also have access to Canopy’s DepositFree renting service at a discounted rate. The DepositFree insurance policy, backed by HISCOX, replaces the need for a cash security deposit, usually consisting of six weeks’ rent. The DepositFree insurance offering is about access to an affordable deposit solution for renters whilst providing landlords with greater protection. It’s a one-off premium that covers the renter for the length of the rental contract.
Canopy’s RentPassport (akin to LinkedIn for Renters) helps renters to manage their “Rental History”; good rental history (Renters / Landlords / Agents are able to rate each other) and paying bills on-time improves access to affordable financial products and will give access to better properties. RentPassport is free for renters and verifies everything from their income, creditworthiness, and employment, to their regular rent payments and past references, so that vetting is expedited.
Tahir Farooqui, CEO of Canopy, said: “We’re thrilled to partner with these corporations, and proud to play a role in improving wellbeing beyond the workplace for employees across the UK. With homeownership now so expensive, a renter lifestyle is fast becoming the norm. Affordable renting is clearly on the top of the agenda for corporate employers, and it’s critical that landlords, institutional or otherwise, take note of the significant uptake by corporate customers in the mainstream space.
The stress and financial costs associated with deposits are known to have an adverse effect on employee happiness and productivity, and corporations are fast realising the appeal of offering rental benefits both as an aid to existing employees, and as a means for attracting “generation rent’s” top talent to their industries.”