Prop Tech

Tenant Passports: What are they and how can they benefit the rental sector?

Gabrielle Pickard
Written by Gabrielle Pickard

The rental sector is facing a lot of challenges, with 2017 shaping up as a landmark year for the industry. From changes in tax that will limit a landlord’s ability to offset mortgage interest costs incurred against rental profits, to the implementation of the Prudential Regulation Authority’s recommendations that require a more rigorous due diligence on borrowers, landlords face a number of fresh challenges.

Anything, therefore, which helps make the industry smoother and more seamless, is inevitably met with interest.

In walk the ‘Tenant Passport’….

One innovative proptech firm has been working on the concept of the Tenant Passport.

The online property service RentalStep, has introduced the idea of a Tenant Passport, allowing tenants to log and track the history on their rental payments online. Each punctual rental payment entered into the system, will improve a tenant’s credit score.

Working in partnership with the credit score organisation, Experian, the Tenant Passport is aimed at being a quick and efficient form of referencing, which provides landlords with an immediate online reference of a tenant that is just one quick away.

RentalStep’s founder, Mike Georgeson, spoke of the benefits of the Tenant Passport system:

“Our revolutionary new platform that connects great tenants and great landlords has launched across the UK and is set to revolutionise the way we rent. Our partnership with Experian means we can offer free credit scoring and ID verification for both tenants and landlords,” said Georgeson.

“Our unique, secure Tenant Passport allows tenants to show a landlord just how good a tenant they are, whilst giving landlords access to a pool of verified tenants,” added RentalStep’s founder.

The ‘Tenant Passport’ system that logs a tenant’s rental payment history, acting as a secure and efficient online reference, could prove advantageous to everyone involved in the rental market, including tenants, landlords and letting agencies.

 

About the author

Gabrielle Pickard

Gabrielle Pickard

Gabrielle brings more than a decade’s writing and editing experience, having been creating and editing high quality content for a wide range of publications in the property sector, reporting about the latest trends, news and developments in this fast-paced industry that doesn’t stand still for a second.

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