The collaboration launches with agency Rettie & Co and will be adding Zero Deposit’s deposit replacement alternative. The partnership includes access to its new product Flex which allows tenants to move at a low, monthly cost starting at £3.75.
One of the main issues renters face is deposits, either struggling to pull together the funds for the deposit in the first place or getting their deposit back at the end of the tenancy. With an in-depth knowledge of the deposit replacement market, Canopy has partnered with Zero Deposit to solve the affordability problem.
With Zero Deposit, renters are able to move without putting down a cash deposit and are the category’s only fully regulated insurance-backed Guarantee. Instead, they pay a small upfront payment of either one week’s rent or a low monthly fee that ends at 12 months. The Zero Deposit Guarantee is the product of choice amongst many of the UK’s largest letting agents and will be offered to Canopy’s letting agent partners as part of an integrated experience.
Gillian McLees, Director of Build to Rent at Rettie & Co commented: “We are committed to the financial health of our tenants and working with Zero Deposit provides a fair and innovative alternative to a cash deposit. As landlords ourselves, we highly value the security and additional protection of an insurance-backed alternative.”
Chris Hutchinson, CEO of Canopy, said: “Traditional deposits are one of the key pain points while looking for a first rental property or moving to a new one. We have first-hand knowledge of this market and of the traditional schemes. We strongly believe Zero Deposit is the stand out option.
“The launch of Flex is a significant innovation within deposit replacement and solves the Lifetime Deposit challenge which we’re strongly advocating for our agent partners. We’re delighted to add them to our ecosystem.”
Sam Reynolds, CEO of Zero Deposit, said: “We see a natural synergy with our product and Canopy’s mission to improve the financial health of the nation’s tenants, and are delighted to make an immediate impact with our new partnership with Rettie & Co. We’re focussed on radically improving renting which is exemplified through these partnerships.”
