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Aviva Canada has solid a partnership with tech firm RentHaven to ship a brand new rental affordability resolution for tenants within the Canadian market.
Supposed 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 slicing down bills and handle housing affordability considerations, the corporate famous.
The most recent alliance is consistent with Aviva Canada’s technique to supply new options for its companions.
RentHaven’s resolution is a alternative for the standard money deposit and aids tenets to buy a bond that’s assured by Aviva, as a substitute of creating a money deposit.
The know-how platform of RentHaven permits tenants to make a minimal month-to-month cost, thereby releasing up cash for different expenditures reminiscent of relocation prices.
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This strategy supplies full safety for landlords and acts as a instrument to garner extra tenants.
Aviva Canada Developer Surety & Dwelling Guarantee head Andy Armstrong mentioned: “Many renters are straining beneath 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’ll not should pay giant upfront deposits and on the similar time, defending landlords from unpaid hire.”
No hire deposit substitutes are presently obtainable 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 practically $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 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).
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