Rent a house online, pay just 2-month security deposit

Rent a house online, pay just 2-month security deposit

Just moved in to the City on work, you could get horribly trapped in a twister of house-hunting woes. A total stranger, you could be completely at the mercy of an agent.

Unless, of course, you get rescued by a startup that lets you search for a house, suitable rent and location of your choice through a mobile app! That’s exactly what Nestaway, a City-headquartered home rental network promises to do.

Launched last April by a team of four, Nestaway has an option that has proved attractive for people just starting off their career: Only two months’ rent as security deposit instead of the 10-month rent norm and zero brokerage. Nestaway has so far placed over 8,000 tenants, 5,000 of them in Bengaluru, the startup’s co-founder and CEO, Amarendra Sahu, told Deccan Herald.

The app linked to the network will throw up a list of houses in a particular area / price band. A prospective tenant books the house online, after furnishing the required identity proof, address proof, employer ID, verified phone and email ID. Once the owner okays the deal through his / her Nestaway account, the security deposit is transferred to his account.
The rent is fixed by the owner. Nestaway takes care of the legal agreement, rent collection and home repairs. Sahu explained, “We deduct 12.5 per cent from the monthly rental payable to the owner before the 5th of every month. The broker gets 2.5 per cent from this, thus ensuring a recurring monthly payment for him.”

The broker’s tasks are clear: Show houses to the tenant, deliver agreements and attend to and supervise repairs and services.

If a tenant has issues with the house booked online, he / she could either relocate to a new house or cancel the booking within three days. The entire money will be refunded, said Sahu.

Mutual trust between tenant and owner is often critical to a rental agreement. Most property owners are reluctant to rent out their homes to single strangers due to lack of trust and often cite security reasons. How does Nestaway tackle this? Besides the ID verification, the tenant’s whereabouts are furnished as mandated to the local police station.

To ensure safety, Sahu said, single woman tenants are offered accommodation only in apartments with security.

Owners are provided structure and content insurance for rental homes up to Rs one crore. Under a rental default guarantee, the owner gets his share of the rent irrespective of the tenant’s payment status.

Liked the story?

  • 0

    Happy
  • 0

    Amused
  • 0

    Sad
  • 0

    Frustrated
  • 0

    Angry