The UK’s first local authority trading company (LATC) rental proptech platform has claimed initial success with 34 families housed and 51 landlords signed up, it has told The Negotiator.
Called Renttl.co.uk, the four-month old lettings platform is unique because it offers landlords an attractive package including a rent deposit guarantee scheme of up to three months’ rent and financial incentives up to £4,600 to take on households threatened with homelessness.
It also puts prospective tenants through a course on how to live in the private sector and gives them financial help with their deposit. Both landlords and renters are supported by a liaison officer.
“Landlords get someone who is tenancy-ready and an online property and tenant on-boarding system that it is easy to complete and manage, takes just three days and offers landlords a lot more information about prospective tenants than traditional letting agents can,” says Lorraine Thomas, MD of Encompass LATC (left).
Operated by Encompass LATC, Renttl.co.uk was set up with grant funding from the Department of Housing, Communities and Local Government and is seeking landlords who directly manage their properties. Thomas expects the platform to become a major supplier of private rented properties to households living in and around Sutton.
“We’ve had an enthusiastic response to the scheme from landlords but we’ve got to wait for properties to become available and landlord portfolios to increase in size.
“But we’ve already seen a 34% increase in the number of properties that we normally procure from the private rental market.”
During the most recent financial year Encompass LATC received requests for housing help from over 1,300 families facing becoming homeless.
Read more about lettings platforms.