Table of Contents
- Why pay for rent in advance?
- How much money do I pay upfront?
- What are the benefits of paying rent upfront?
Why pay for rent in advance?
Paying upfront is one of the ways you can circumvent not being able to meet income requirements as it ensures landlords don't have to worry about future rent arrears. Examples of those who might not meet income requirements include students, renters with low income or credit, and anyone that doesn't have proof of income or credit history.
By paying rent upfront, you'd be able to continue in the tenancy process. Keep in mind, you'll still have to satisfy PropertyLoop and our referencing partner’s other requirements.
How much money do I pay upfront?
The sum amount can be anywhere from 6 months to 36 months’ rent. Ultimately, it is dependent on the tenancy length and subject to the owner’s approval. The tenancy length would normally be in line with what you pay upfront, so for example, a 12-month tenancy will require 12 months’ rent upfront.
What are the benefits of paying rent upfront?
Paying rent upfront is a good option if you can’t find a flatmate or guarantor. It secures the rental for you and ensures neither you nor the landlord will have to worry about rent payments for the duration of the tenancy. It’s a win-win situation in that the landlord has security in the absence of income or credit, and you'll be able to rent the home without having to worry about debt.
What are my other options?
If you are unable to meet income affordability requirements, you can alternatively get a guarantor or find a flatmate to split the rent with.
Please also check out our article on what sources of income are accepted. Future employment, savings, pensions and more can be considered income. When calculating whether or not you will meet income affordability requirements, remember to add up all your sources of income. Our referencing partner will require either a reference or evidence of other income.