The Belvoir £0 deposit scheme for our Student Living Landlords has been an outright success – we are pleased to report.
The Belvoir Student Living £0 deposit scheme offers landlords instant access to the full deposit fund in the occurrence of dilapidations even where reduced or no dilapidations were recorded.
This scheme has delivered on average an additional 0.5% ROI which we admit may not be reason to write home about, but has also generated on average an additional £1000 per property per landlord which is likely to be of more interest.
The scheme has served to support our landlords at an expensive time and provided a positive boost at the same point historically where there has been loss of income. We hope that our Landlords are pleased with this news and can see the benefit of just one of our implementations.
21/22 Academic Tenancies
Now that the 21/22 academic tenancies are underway and we are also now through the initial up surge in maintenance requests and calls of how to work the heating, ovens, washing machines and so on, we are now focused on the up and coming advertising period for the 22/23 year.
We have also been able to capitalise on the recent vacant period and refurbished property conditions to obtain professional marketing images and video tours so we are already lined up to significantly improve our marketing in comparison to our competitors and this will, we believe, place our landlords and their properties at a significant market advantage for the coming year.
We are already working on the market research to compile the potential rent increases that will be possible for the same period of activity.
To Recap; What Is The Zero Deposit Scheme?
Instead of paying a regular refundable deposit at the start of the tenancy, the tenant has a non-refundable charge that is equivalent to the previous £250 deposit added to their weekly rent over the term of the tenancy.
This effectively guarantees the landlord instant access to a dilapidation fund at the end of the tenancy which has built up over the term of the tenancy. This then is used to off-set against damages and/or arrears without the requirements of appealing and submitting a claim at the end of a tenancy.
In the majority of cases whereby the cost of dilapidations are significantly less than the value of the deposit equivalent, the remainder is then paid over to the landlord as additional income once all works invoices have been allocated
