Rent arrears protection service Only My Share has revealed a new business to business bloc management service, designed to help protect landlords and tenants from the harm caused by rent arrears.
With the UK unemployment rate at a three-year high of 4.5% in the three months prior to August 2020, the timely launch should help to bolster confidence within the private rental sector even as the impact of the pandemic deepens.
Part of the Housing Hand family, Only My Share offers rent arrears protection to individual tenants. That means that tenants who rent rooms rather than whole flats or houses, along with their guarantors, are protected from being financially liable if a housemate doesn’t pay their rent under a joint and several clause.
Terry Mason, Group Operations Director, Only My Share said:
“Demand for rent arrears protection for tenants renting out individual rooms is rocketing. Users of our service shot up by 24% between March and September. That increase has been a driving factor behind the timely launch of our new bloc management service.”
The new business to business bloc management service will enable accommodation providers to work directly with Only My Share, instead of relying on tenants to apply individually to the company.
Available to providers of houses in multiple occupation (HMOs) and even to those renting out entire blocks of flats, the service means that it’s simple and efficient to provide building-wide coverage.
The new bloc management service has already generated plenty of interest. Only My Share has delivered workshops with partner agencies to spread the word on its latest development and to ensure a best practice approach of using Only My Share with the organisation’s customers.
Edmund Fulford, Relationship Manager, Only My Share said:
“The easier it is for renters to access Only My Share’s rent protection service, the better.”
“From students to working professionals, renters of individual rooms need to have the opportunity not to be reliant on their housemates’ financial situations for their own economic health.”
“Rent debt is never nice to deal with, so we’re making it easier to avoid it happening by working with landlords through the new bloc management service.”