OpenRent Deposit Free is integrated directly into the Rent Now process. Both landlords and tenants must complete specific steps before a tenancy can begin under Deposit Free terms.
Eligibility Requirements
- Landlord Approval: The landlord must have Deposit Free enabled on the tenancy.
- Referencing & Affordability: All prospective tenants must successfully pass comprehensive OpenRent referencing to ensure household affordability criteria are met. If an applicant does not meet the criteria independently, an approved UK guarantor who passes referencing may be provided.
- Multi-Tenant Acceptance: Every tenant named on the tenancy agreement must individually review and accept the Deposit Free terms through their personal OpenRent account before move-in.
- Cleared Funds: The first month’s rent and the first month’s Deposit Free fee must both be paid and cleared before the agreed tenancy start date.
How to Opt In (Step-by-Step)
- Landlord Sets Contract Terms: During the Rent Now contract stage, the landlord chooses to offer Deposit Free alongside the standard cash deposit option.
- Tenants Select Deposit Free: When prompted to pay the final balance, the lead tenant selects "Rent Deposit Free" instead of paying the five-week cash deposit.
- Every Tenant Confirms Terms: OpenRent automatically sends an email to every named tenant with a breakdown of the property fee and their household share. Each tenant logs into their dashboard to read and accept the terms.
- First Payment Made: The first month's rent and the first monthly Deposit Free fee are paid via the OpenRent dashboard.
- Confirmation & Move-In: Once all parties have accepted and payments have cleared, Deposit Free is confirmed and keys can be handed over on your move-in date.
Cancellation Policy & Statutory Rights
- Before Move-In: Tenants have a statutory 14-day cooling-off period from the date they accept the terms to cancel their Deposit Free selection. If cancelled, any Deposit Free fee paid is refunded in full, and the standard five-week cash deposit must be paid before move-in.
- Loss of Right to Cancel at Tenancy Start: The right to cancel ends immediately once the tenancy starts, regardless of whether 14 days have passed. Tenants must acknowledge this waiver during the online acceptance flow.
- If a Tenant opts Out: If any tenant declines Deposit Free or the set-up criteria are not completed before the start date, the tenancy automatically defaults to a standard cash deposit, which must be paid prior to key handover.