A new rent arrears protection service has launched to cater specifically for settings with tenants renting rooms rather than entire apartments or houses.
Only My Share offers rent arrears protection to individual tenants, meaning that they and their guarantors are protected from being financially liable if a housemate doesn’t pay their rent under a ‘joint and several’ clause.
A business to business bloc management option will enable accommodation providers to work directly with Only My Share, instead of relying on tenants to apply individually to the company.
Available to landlords of HMOs and those letting out entire blocks of flats, the bloc service means that it’s simple and efficient to provide building-wide coverage.
The bloc management service has already generated strong interest, says parent company Housing Hand.
“Demand for rent arrears protection for tenants renting out individual rooms is rocketing. Users of our service shot up by 24 per cent between March and September. That increase has been a driving factor behind the timely launch of our new bloc management service” says Only My Share operations director Terry Mason.
And Edmund Fulford, relationship manager at the company, adds: “From students to working professionals, renters of individual rooms need to have the opportunity not to be reliant on their housemates’ financial situations for their own economic health.
“Rent debt is never nice to deal with, so we’re making it easier to avoid it happening by working with landlords through the new bloc management service.”