Offering beautiful and spacious apartments with access to roof gardens, work-from-home areas, gyms and all sorts of community activities, Quintain Living provides a rental experience like no other. But what really sets us apart is the flexibility of our tenancies backed by our no deposit rent scheme. It enables you to move into your new home while spending less on a deposit or fees.
At Quintain Living, we’re pioneers in deposit-free renting, with the no deposit rent scheme being part of our model since we first started in 2016. So, join us as we take a look at what deposit-free living means for our tenants and find out how it can benefit you.
Why do landlords take a deposit?
Most people’s experience of renting a home is handing over a big chunk of cash upfront to cover the deposit and the first month’s rent.
Given that the average rental value for new tenancies in London is £1,760 a month, you’ll typically have to pay five weeks of rent as a security deposit (£2,030) as well as your first month’s rent in advance. That’s nearly £4,000 before you even put your key in the door.
Your deposit covers the landlord for any damage to the property which may incur during your tenancy, or to make up for any unpaid rent at the end of the tenancy.
Common reasons for landlords to deduct money from the security deposit include:
- Unpaid rent
- Unpaid bills
- Cleaning costs
- Direct damage to the property
- Damage caused by a lack of maintenance or neglect
- Lost or broken items
- Damage caused by pets
- Redecoration - ie: if you don’t ask your landlord’s permission before redecorating or you do a shoddy job
Once your tenancy comes to an end, your landlord must return your deposit within 10 days of you both agreeing on how much you’ll get back. However, disputes are common, with tenants often disagreeing with their landlords and less scrupulous landlords trying to hold onto the deposit for no reason at all.
What is deposit-free renting?
Deposit-free renting is a great way to move home without having to worry about any of those annoying upfront costs. Do you want to pay five weeks of rent as a security deposit before you’ve even moved in? No, of course you don’t. And with our no deposit rent scheme, you don’t have to.
At Quintain Living, there’s no deposit and absolutely no fees to pay as a standard part of all our tenancy agreements. So, rather than emptying your bank account, you can spend that money on furnishing your apartment, enjoying the local bars, restaurants and amenities, going on holiday or simply covering your first month’s rent. All you have to do is pass a quick credit check and this is an option that’s available to you.
What’s the difference between deposit-free renting and the zero deposit scheme?
If you’ve been looking around for a new apartment, you might have seen the zero deposit scheme advertised on some listings. But the zero deposit scheme and Quintain Living deposit-free renting are very different things.
The zero deposit scheme
The zero deposit scheme is an option offered by some landlords that allows tenants to rent a property without paying an upfront security deposit. Under the terms of this scheme, they instead pay a non-refundable fee, typically equivalent to one week’s rent, which acts as a guarantee. There’s also a one-off setup fee and a small annual admin fee to cover the cost of issuing new documents every year.
As an example, on an apartment costing £2,000 a month, you could expect to pay a £500 non-refundable fee, a setup fee of £50 and an annual admin fee of £25. That’s much cheaper than the typical security deposit on the same apartment of £2307.65.
At the end of your tenancy, if there’s no damage or unpaid rent, the zero deposit guarantee will end and no further action is required. You will still be liable for any damage or unpaid rent and will need to reimburse the landlord accordingly. If you disagree with the landlord, you can put forward your side of the argument, along with any evidence which will be assessed independently.
Our deposit-free renting scheme
At Quintain Living, there’s no non-refundable fee or any other upfront fees to worry about. The long and short of it? Aside from your monthly rent, you pay nada (subject to credit checks). When you move into your new Quintain Living apartment, the only payment you have to make is your first month’s rent. Pretty good, right?
As well as paying no deposit, all your utility bills are set up and ready to go when you move in. There’s also superfast broadband free of charge, a 24-hour concierge to provide ongoing assistance and the Quintain Living app to help you manage all your rental home admin. That’s everything you need for a fast, easy and stress-free moving process.
Check out our terms and conditions to see if you are eligible for our zero deposit scheme.
What are the benefits of the no deposit rent scheme?
There are several benefits associated with deposit-free renting:
- It’s quick - The rental market can move quickly and deposit-free renting helps tenants keep up. With our internal system, we can have everything sorted for you within around seven days.
- It’s hassle-free - Want to move out but can’t afford the deposit on a new place until you get your deposit back from your current apartment? Tenants can easily get stuck in the deposit loop. With no deposit renting, you can make the move on your terms.
- It helps you save - Rather than handing over a substantial amount of your cash to a landlord, you get to keep the money you’ve worked hard for and spend more of your cash on the things you love. Forget getting financially tied up in DPS schemes - start planning all the new furnishings you’re going to buy for your home instead!
And what are the drawbacks? Answers on a postcard, please, because at the moment, we can’t think of any.
Flexible tenancies that suit you
Find out more about the no deposit and no-fee apartments at Quintain Living, see what Wembley Park has to offer and find the right apartment building to match your budget and lifestyle. We also offer pet-friendly apartments so, rather than hiding away your pets, you can let them roam free! Get in touch with our team to find out more.