A Landlord’s Guide to the Husmus Deposit Promise: Everything You Need to Know

At Husmus, we’re passionate about revolutionising the world of private renting to make it simple, fair and accessible. Our deposit promise is a significant part of that mission, designed to eliminate unnecessary expenses and cut out major admin.

In this handy guide to the Husmus Deposit Promise, we’ll explain everything you need to know about the product. You’ll discover how it works, plus the BIG benefits it provides for landlords and tenants alike.

Keep reading to find out more!

What Is the Husmus Deposit Promise?

Renters are often expected to pay an upfront security deposit equivalent to 5 weeks of rent to secure a property. The result? Over £5.2 billion sitting in escrow, extra financial stress for tenants and even more unnecessary admin for landlords.

After plenty of research into the struggles of tenants and landlords, we discovered that most deposits are returned to tenants in full or with minor charges (mainly for cleaning). Nevertheless, the expectation is that everyone makes the payment!

That’s why we created the tenant deposit promise – a simple membership agreement that eliminates the need for deposits altogether while offering the same protections to landlords.

How Does the Deposit Promise Work?

To enjoy the promise, renters pay a small membership fee INSTEAD of the tenant deposit they may have been historically expected to shed out. For you (the landlord), the protection and coverage you receive are no different to that provided by cash deposits.

Here’s what you need to know:

  • Tenants’ membership prices are determined by their previous renting behaviour. The better their past rent and damage history, the less they have to pay. Think of it as having better loan interest rates because your credit score is great.

  • At the end of the tenancy, renters must pay their landlord for any damages or unpaid rent. If they fail to pay, Husmus will pay instead - within 10 working days.

  • In summary, renters avoid paying a hefty tenant deposit upfront but are still 100% responsible for their damages.

  • It is best for landlords to have inventories, preferably from independent companies, in order to facilitate a smooth move out process.

  • Landlords can seek reimbursement for unpaid costs at any time, up to 21 days after the tenancy has ended.

Who Is Covered?

The Deposit Promise membership covers the landlord for any breaches by their tenant, as well as any joint tenants or dependants who are named in the tenancy agreement. This also includes any underage dependants, whether or not they’re listed on the original contract.

What Is Covered?

Landlords are covered in the same way as with deposits protected by the government scheme. This includes both damages AND unpaid rent – up to the value of 5 weeks rent.

If your tenants are unable to pay, Husmus will cover the costs presented instead, removing any unnecessary stress from your busy landlord schedule.

Tenant Responsibilities

Even though they no longer have to pay a tenant deposit, they’ll still have to take on all of the usual renting responsibilities. This includes any rules and regulations set out in your tenancy agreement, as well as paying their rent on time, cleaning when they leave and treating your home with respect.

If they fail to fulfil their side of the deal, Husmus has you covered.

What Are the Benefits for Landlords?

When it comes to replacing the outdated government scheme with the Husmus Deposit Promise, there are a number of advantages for landlords to enjoy.

  • Attract more tenants with a fairer and less costly renting options

  • Get all of the same protections WITHOUT the time-consuming admin of registering a deposit

  • Eliminate the chance of fines for incorrectly registered deposits.

  • Get the same arbitration / decision making team as the government scheme

  • Get paid within 5 days of a decision and cover your costs with ease

  • Help fuel the economy (£5.2 billion stuck in security holding has some major implications on the state of the nation – what if we could spend it instead?)

Are There Any Negatives?

At Husmus, we’re committed to making the world of renting a better place which means we’re always transparent and honest when it comes to our rental products. The Deposit Promise sounds too good to be true, right? In reality, it’s just a simple and effective concept that’s designed to benefit everyone – and it really does work for most people.

For tenants

  • The membership fee is non-refundable once a tenancy has begun without the express permission of the landlord

  • The deposit promise could work out more expensive for tenants who move every year because they’ll have to pay membership fees for each tenancy.

  • If tenants cause damage, they’ll end up paying more than they might have under the cash scheme. For example, with £250 worth of damages, the cost would come straight out of their pre-paid deposit, and that’s all they’d pay. With our deposit promise, they’d have to pay their membership fee, PLUS the £250 damages to their landlord unless they have upgraded to Husmus Butterfingers which covers accidental damages.

For landlords

The great news is there are no disadvantages for landlords who permit their tenants to use Deposit Promise. All you have to worry about is finding tenants for your property and assessing for damages when they leave – we’ll take care of the rest.

There are no hidden fees. No loss of investment. No unnecessary admin. It really is that simple.

Give your tenants’ permission to use our deposit promise today and unlock a world of incredible benefits.

If you want to learn more about our mission for a brighter future of renting, head to our website.

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