Most landlords ask tenants to pay a deposit, normally worth 4-6 weeks rent, before they move in. They may be entitled to keep all or part of it if tenants:
Across the UK, landlords are required to protect any deposits given to them by tenants. Landlords must comply with frequently changing laws on handling deposits. If deposits are filed incorrectly, filed late or not filed at all then landlords can face hefty fines of up to 3 times the deposit amount. OpenRent can remove both the risk and the hassle.
For tenants, it means they only need to trust OpenRent, and not every private landlord out there. We make sure the deposit is protected, it is legally compliant, and send all parties the full details.
Although we offer deposit processing via Rent Now, OpenRent doesn't hold the money; it is transferred immediately to the Deposit Protection Service (DPS).
Once you're in the Rent Now process, and your tenants have passed referencing, we will ask you to sign up to the DPS and create an account. We can then process the deposit for you, and transfer it to your control.
At the end of the tenancy, you can simply visit the DPS website and process the deposit refund.
To Access the DPS, just click on the button below