New rent guarantee schemes benefits landlords and tenants

Published Wednesday, 25 November 2020

Twenty-one properties have been let thanks to a new rent guarantee scheme in Coventry which is helping homeless households to move out of temporary accommodation and into more permanent tenancies.

Let’s Rent Coventry encourages private landlords to provide a tenancy at an affordable price and matches potential tenants, with landlords who have properties to let.

The Coventry City Council run service is free and the Local Authority will match tenants to ensure they are suitable for the scheme.

The scheme launched in May 2020 and numerous landlords have signed up to the scheme.

Landlords can sign up to Let’s Rent Coventry for either 12 to 24 months.

Private sector landlords who want to work with the Council, by providing tenancies in order to alleviate homelessness in the city, can also benefit from a deposit covering up to five weeks rent.

Cllr David Welsh, Cabinet Member for Housing and Communities, said: “The scheme is just one of a number of projects that have been set up to address homelessness in the city.

“We have private landlords signed up to the scheme and a number of others interested. Cornerstone Housing are also offering similar tenancies and have provided accommodation for a further 24 families.

“The best thing about Let’s Rent Coventry is that it means empty properties are filled and both the private landlord and tenant have the security of knowing that the Council is facilitating the scheme so that the rent is affordable and the landlord will receive guaranteed rent.”

Meanwhile the tenant has the reassurance that they can remain in the property without the threat of being moved out of the property. The Council provides a free service, lettings, inspections and the security of a 12 or 24-month tenancy, alongside guaranteed rent payments from the Council.

Cllr David Welsh added: “This project is reducing the costs of homelessness to the Council, offering security for tenants and provides an income for the landlord.”

Let’s Rent Coventry guarantees up to the Local Housing Allowance (LHA) rate for the period of the tenancy and, at the end of each successful year of the tenancy, the Council will make a bonus one-off payment equivalent to a month’s rent.”

For the latest LHA rates, see the Direct Gov website.

To be involved in the scheme it doesn’t matter whether properties are furnished or unfurnished. Properties will be inspected to check that landlords have up-to-date safety features and relevant certification for their properties.

As part of the scheme checks are made in advance to identify suitable tenants and landlords so that standards can be monitored and maintained.

A signed rent guarantee agreement is made between the Council and landlord.

The Council are looking for two to five bedroom properties throughout the city and have a number of suitable families ready to move into a new home.

If you are interested in Let’s Rent Coventry, please contact [email protected] for further information about the scheme or how you can get involved. For further details visit coventry.gov.uk/letsrentcoventry

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