Aviva Canada has solid a partnership with tech firm RentHaven to ship a brand new rental affordability resolution 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 hire deposits for the earlier month.
This resolution will assist tenets in chopping down bills and handle housing affordability considerations, the corporate famous.
The newest alliance is in keeping with Aviva Canada’s technique to supply new options for its companions.
RentHaven’s resolution is a substitute 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 expertise platform of RentHaven permits tenants to make a minimal month-to-month fee, thereby liberating up cash for different expenditures comparable to relocation prices.
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This strategy supplies full safety for landlords and acts as a device to garner extra tenants.
Aviva Canada Developer Surety & Residence Guarantee head Andy Armstrong mentioned: “Many renters are straining underneath the strain 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 may not should pay massive upfront deposits and on the identical time, defending landlords from unpaid hire.”
No hire 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 revolutionary resolution to handle housing affordability in partnership with Aviva Canada.
“The standard mannequin of money deposits is antiquated and inefficient, particularly at a time when strain on renters is at an all-time excessive and so many are underneath monetary pressure.”
Aviva just lately 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).