OpenRent Deposit Free allows landlords to attract wider pools of verified applicants while securing stronger financial protection than a traditional cash deposit.
How the Guarantee Works
- Up to 8 Weeks of Cover: Under the Deposit Free Guarantee, landlords are protected for up to 8 weeks of rent against unpaid rent, property damage, and cleaning shortfalls. This exceeds the statutory 5-week cap imposed on standard cash deposits by the Tenant Fees Act 2019.
- Completely Free for Landlords: There are no set-up fees, monthly commissions, or renewal costs for landlords.
- Direct Payouts by OpenRent: If a tenant fails to pay agreed or adjudicated Charges, OpenRent settles the balance directly with the landlord within 7 working days following our evidence review.
- Independent Dispute Resolution: Disputed items are decided by mydeposits, delivering independent decisions under an accelerated 28 day period.
Mandatory Requirements to Maintain Your Guarantee
To ensure any payment request raised under the Guarantee is valid, landlords must comply with key tenancy management standards:
- Check-In Inventory & Photos: You must compile a comprehensive, dated check-in inventory before the tenants move in. This documentation (including photos) must be uploaded to OpenRent within 7 days of the tenancy start date.
- Check-Out Inspection: A thorough check-out inspection must be performed at the end of the tenancy, detailing property condition, meter readings, and keys returned.
- Evidence Submission: Any Charges raised for dilapidations must be supported by comparable check-in/check-out reports and itemised third-party invoices or contractor quotes.
- Minimum Charge Threshold: Individual payment requests under the Guarantee must meet a combined total minimum threshold of £100.