Build to rent developer Be has announced that it is moving to a no fees model for its be:here Hayes development at The Gatefold Building at The Old Vinyl Factory.
According to the Association of Residential Letting Agents (ARLA), the average letting fee charged by its members is £202 per tenant. According to campaign group Generation Rent, the national average is £404.
Akash Sharma, Assistant Property Manager, be:here Hayes, said: “We recognise that moving can be an expensive and stressful experience. We’ve already cut out some of the stress of moving house by … inventories and check-in being done in-house by our on-site team. Now we can reduce the cost of moving for our tenants too.”
Be is pledging to charge no referencing fees, no fees for contract updates when sharers change and no extra deposits, admin or processing fees relating to pets, although a monthly ‘pet rent’ of £20 will still apply.
In addition, the company has announced that it is reducing security deposits at be:here Hayes from six weeks’ rent to just a month’s rent.
Akash continued: “We’ve never charged agency fees because we do all our own lettings in-house, but we’ve gone one step further and removed the referencing fee and all other admin fees.”