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Rental Bonds – Kick starter for residential renting in India post lifting of lockdowns
Posted by Chetan Thakkar on Jun 7, 2021 5:54:00 PM
It’s been more than a year since the first lockdown because of Covid-19 in India. A lot has changed for millions of people during these challenging times – Lives lost and lives changed.
Millions of people living in Cities who came to these cities for work – moved back to their hometowns with work from home initially when lockdowns started. Many lost jobs subsequently when lockdowns prolonged and uncertainty grew further.
The exodus of these working class people from cities back to their hometowns had substantial impact on rental housing sector in the cities with houses lying vacant, leaving landlords devoid of probably their only source of income. On the other hand, the tenants who occupied these houses moved back to their hometowns either because of loss of job or to save on the cost of living in cities.
Fast forward June-July 2021. 2nd wave is subsiding and economy is about to open up. The institutions that have been operating with down sized teams and employees working remotely are already planning to accelerate the resumption of operations. Hiring new employees and scaling up the downsized operations are also being planned. Even employees are eager to get back to their offices. Normalisation seems to be knocking – obviously with all safety protocols.
Landlords are looking out to rent their vacant houses at the earliest to start back their rental income but with excess supply of available properties, they are not getting the tenants. On the tenant’s side – People moving back from their home towns to re-join work or pursue new opportunities are looking for rental houses. Though many of these tenants have depleted their savings and are struggling to arrange for hefty security deposits for their landlords.
So how does the landlords solve their problem of getting their property back to renting as fastest as possible? How do the tenant solve for the issue of managing a hefty security deposit that he is required to put up with the landlord?
Rental bond is a common solution to the problems of both the landlord & the tenant. Here is how it helps address the challenges of both sides.
Security deposits are required to protect the landlords against the risks of renting his property to an unknown tenant. These risks are unpaid rent, damage to his property, unpaid bills for services used by the tenant and breach of lock-in period. What if there was a guarantee against all of these risks and the tenant was no more a totally an opaque entity for him? What if an institution was safeguarding the landlords interests against these risks by making sure that the tenant passed through various checks and was no longer an unknown entity but rather a credit verified and trustworthy individual.
Eqaro Rental Bond – for the first time in India, has solved for these problems that the landlords and the tenants face. It bridges trust between the landlords and the tenants. Here is how it solves the challenge
Eqaro verifies and assesses the credibility of the tenant by way of its proprietary underwriting process and stands as a guarantor for the tenant. That eliminates the risk of renting to an unknown tenant for the landlord and he can rent his property without any security deposit from the tenant. Instead, accepting a Rental bond from Eqaro makes his property attractive to the prospective tenant and increases the probability of him getting a trust worthy tenant immediately. No more losing rental income waiting for the tenants.
For the tenant that qualifies for the Rental bond, does not have to shell out a hefty security deposit to the landlord. He can buy a Rental bond that serves as a guarantee towards his financial obligations to the landlord. So his problem to arrange for a hefty security deposit is eliminated.
Eqaro Rental Bond covers and pays the landlord towards :
- Unpaid Rent
- Lock-in period breach
- Unpaid utility bills like unpaid electricity bills, maintenance cost, club charges etc.,
- Any damage to the property apart from normal wear & tear.
So now the landlords who need to rent out their vacant property faster to start earning their lost rental income & the tenants who are looking for property without putting up a hefty security deposit amount – Eqaro Rental Bonds is the answer.
Topics: Eqaro Guarantees, Rental Bonds, Securitydeposit, Credit Verified Tenants, Zero Deposit Properties
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