When we launched in 2013, we were determined to change renting for the better.
So even before our first homes in East Village were available to rent, we’d set ourselves some rules. We started by getting rid of fees, and making a promise that we would only increase rent during tenancy in line with the CPI, so everything would be transparent.
That turned a few heads in our industry.
We also decided that we would own every home we rent, so you always deal directly with us – no agents or middlemen. It helped that, as a partnership between Qatari Diar, wholly owned by the Qatar Investment Authority, and clients of Delancey, a specialist real estate investment and advisory company, we had the capital to buy some 1439 homes in the London 2012 Athletes’ Village to start us off.
We’d achieved the first step: proving a better way to rent was possible. But we knew there was more to do. So in 2017 we ditched deposits in almost all cases, meaning all you have to pay is your rent. We also changed the way contracts are written, getting rid of legal language so you know what you’re signing. And we introduced three-year tenancies as standard, with a residents-only break clause.
We’re proud that others in our market have now followed our lead. The Government is now consulting on making three-year tenancies the norm. It means we’re going in the right direction – leading the charge for a better way to rent.
We’re now bringing that promise to 3,000 homes to rent across London and Manchester and we are working hard to introduce it in other cities. Already, we’ve announced projects in Glasgow and Leeds, and we’re seeking more.
Our approach has won us repeated recognition from our industry, as the list of awards shows. More importantly, it’s an approach that our residents love. We’re sure you will too.