Moda Living has welcomed Boris Johnson’s pledge to introduce government-backed “lifetime rental deposits” to reduce the cost of moving from one rented home to another, but the Build to Rent developer has gone one step further by adopting a ‘zero deposits or fees’ policy, potentially saving renters hundreds of pounds.
Moda Living, which is building thousands of homes for rent across England and Scotland, is promising genuinely deposit-free renting.
The only payment Moda customers have to make before moving in is a £200 reservation to hold their apartment, which is refundable and comes off the first month’s rent.
Moda residents also have use of the bespoke MyModa app, meaning everything from paying rent to booking events to speaking to neighbours is quite literally be at residents’ fingertips.
Johnny Caddick, managing director at Moda Living, said: “Tory plans to allow tenants to move deposits between landlords with ease are good for renters but at Moda we’ve gone one step further with our ‘no deposits or fees’ policy.
“For many renters, a deposit will be the biggest financial cost they incur and can easily be a month or more's wages. Unlike many other no deposit schemes, Moda isn’t charging a single penny in membership or insurance fees. What we’re offering is true deposit-free renting, saving our customers hundreds of pounds before they’ve even moved in.
“Our focus is on providing high quality rental homes with great customer experience, both of which are missing in the traditional private rental market, with many renters rightly fed up with poor service and low-quality housing they receive.”