StuRents’ property management platform Concurrent has announced a partnership with guarantor waiver provider Leap.
Leap’s service allows tenants to avoid nominating a guarantor during the booking process, with the associated costs incorporated into monthly rental payments.
According to Concurrent, this model aims to reduce administration for tenants and provide a marketing advantage for landlords by offering ‘no guarantor required’ tenancies, while maintaining a level of payment security similar to that provided by traditional guarantors.
The arrangement also aims to address some of the practical challenges associated with renting to international students, particularly those who may find it difficult to provide a UK-based guarantor or who pay rent upfront. StuRents’ data indicates that a high proportion of international students – especially from China – currently pay rent upfront, a practice that is set to become less viable under the proposed Renters’ Rights Bill.
Tom Walker, StuRents and Concurrent’s co-founder, said: “For many landlords facing the prospect of exiting the student market due to heightened financial risks stemming from the forthcoming Renters’ Rights Bill, this partnership offers a viable path to continue operating in a sector that contributes significantly to local economies in university towns nationwide.”
Michael Davies, chief operating officer at Leap, said: “We’re thrilled to be partnering with Concurrent. Leap is one of the USA’s largest guarantor service providers. We are now expanding our reach into the UK market by partnering with Concurrent customers, offering a smarter alternative to traditional guarantors that benefits both landlords and tenants alike.”
