Aviva Canada has partnered with tech company RentHaven Inc. on a new product to enhance rent affordability.
The central feature of this partnership is RentHaven’s product, which replaces conventional cash deposits with a bond guaranteed by Aviva.
The shift allows tenants to pay only a small monthly fee, freeing up funds for other essential expenses such as purchasing furniture, contributing to RRSPs, or covering moving costs.
RentHaven’s approach involves partnering with landlords who register with the platform to offer prospective tenants a surety bond instead of requiring large upfront payments.
These bonds can cost as little as $8 per month, ensuring landlords remain protected while freeing up available funds for tenants.
Aviva Canada said the move aligns with its dedication to delivering value through innovative solutions.
“Many renters are straining under the pressure of rising rents and trying to keep up with inflation and the cost of living,” said Andy Armstrong, head of developer surety & home warranty at Aviva Canada.
“This first-of-its-kind partnership is the way of the future. We are making things easier for Canadians renting, they will no longer have to pay large upfront deposits and at the same time, protecting landlords from unpaid rent.”
“RentHaven is proud to offer our innovative solution to address housing affordability in partnership with Aviva Canada,” added RentHaven CEO Ian MacLeod.
“The traditional model of cash deposits is antiquated and inefficient, especially at a time when pressure on renters is at an all-time high and so many are under financial strain.”
Aviva Canada’s partnership with RentHaven comes after it invested in OneClose, a technology company that offers solutions for owners of newly constructed condos with interim fees.
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