Aviva Canada has cast a partnership with tech firm RentHaven to ship a brand new rental affordability answer for tenants within the Canadian market.
Meant for residential tenants, the brand new providing will function an alternative to a lumpsum quantity as an upfront safety deposit in addition to lease deposits for the earlier month.
This answer will assist tenets in slicing down bills and tackle housing affordability considerations, the corporate famous.
The most recent alliance is in keeping with Aviva Canada’s technique to supply new options for its companions.
RentHaven’s answer is a alternative for the traditional money deposit and aids tenets to buy a bond that’s assured by Aviva, as an alternative of constructing a money deposit.
The know-how platform of RentHaven allows tenants to make a minimal month-to-month fee, thereby releasing up cash for different expenditures resembling relocation prices.
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This method supplies full safety for landlords and acts as a instrument to garner extra tenants.
Aviva Canada Developer Surety & House Guarantee head Andy Armstrong mentioned: “Many renters are straining beneath the stress of rising rents and making an attempt to maintain up with inflation and the price of dwelling.
“We’re making issues simpler for Canadians renting, they’ll not should pay giant upfront deposits and on the identical time, defending landlords from unpaid lease.”
No lease deposit substitutes are at the moment out there in Canada, not like within the US, UK, and European markets.
RentHaven collaborates with landlords and registers them with the corporate. Subsequently, a surety bond of almost $8 for every month is obtainable to the potential tenants.
RentHaven CEO Ian MacLeod mentioned: “RentHaven is proud to supply our modern answer to handle housing affordability in partnership with Aviva Canada.
“The standard mannequin of money deposits is antiquated and inefficient, particularly at a time when stress on renters is at an all-time excessive and so many are beneath monetary pressure.”
Aviva not too long ago entered a definitive settlement for the acquisition of American Worldwide Group’s (AIG) UK life insurance coverage unit, AIG Life UK, for £460m ($562.83m).
