Dropping fees charged to tenants, or never charging them in the first place, is becoming the norm in the government-backed build-to-rent sector.
The latest to cancel charges is build-to-rent developer Be, which has now announced zero fees for its west London development in Hayes. It charged fees until the middle of this month.
The company is also capping its deposits at a month’s rent.
Anticipating both the fees ban and the cap, Be says it will be saving new tenants over £500 when they rent a one-bed apartment at the complex.
Tenants who previously paid fees, before October 16, will not get refunds, and we are also told that rents have not risen as a result of the dropping of fees.
Be says the changes are driven by the desire to make moving as cost effective as possible for tenants.
Rents at Hayes are from £1,200 per month for a one-bed home.
According to Rightmove at the weekend, fees still apply on the Be development in Hayes.
Comments (2)
So why were they charging before if they can afford to do without? Again using London prices as a national problem. The difference in agents commission on such high rents is more than what the average UK agent makes and they able to absorb no fee’s from the high profits they continue to make. Which means they were ripping the tenants off and raking in the money before?
Well there you go “GOVERNMENT BACKED BUILD TO RENT SECTOR” Not Government “BASHED” private rented sector. The two seem to be different. Guess who provides more housing though. May be I will now offer my one bed units in suburban london at £1200 pcm no fees or £1000 with tenant fees.