MidCity Property Services and Aruma Insurance Solutions join forces to offer an exciting new product:

Rental Deposit Waiver

With the current economic climate in South Africa, it has become more difficult for tenants to pay an upfront deposit when renting a property, especially when taking the consequences of Covid-19 into account.

“As a group we are consistently looking at complementary product offerings to assist our landlords and tenants” said Koos Croukamp, Chief Operating Officer of the MidCity Group.

Therefore, we are very excited to introduce the Rental Deposit Waiver for Residential, Student Accommodation and Commercial Office Spaces with deposits ranging from R 1,000 to R 20,000.

For the tenant, paying a deposit and all upfront costs to rent a property creates a significant barrier. This hurdle often prevents properties from being rented and leaves landlords with vacant units to fill. This new product is therefore a win-win for both tenants and landlords.

Nico Oosthuizen, CEO of Aruma (FSP: 49237), said they have identified the shortfall in the market and decided to develop an exclusive, affordable product to benefit the property industry. For Aruma there was no question of whom to approach to add value, namely MidCity Property Services (Pty) Ltd.

 Some of the benefits for Tenants?

  • No upfront deposit
  • Affordable monthly premiums
  • Rent cover for 3 months for main policyholder in case of retrenchment
  • Rent cover for 3 months in the unforeseen event of the main policyholder passing away

Some of the benefits for Landlords?

  • This product/policy will replace the “rental deposit” and guarantee the property owners against damage that may or may not occur.
  • It will cover any damage or destruction caused by he tenant to the rental premises.
  • With each Deposit Waiver policy issued, Aruma will automatically take out an additional policy at no cost to the landlord to secure an uncontested eviction up to the amount of R 30,000*.
  • Retrenchment cover: The landlord/leasing agency will be compensated for 3-month rental income, should the main policyholder be retrenched by his employer.
  • Death Cover: Landlord/Leasing Agency will be compensated for 3-month rental income, should the main policyholder pass away.

 Nico Oosthuizen further added that this is something unique and new to the market, and as the product grows, additional offerings will form part of it.

“We are looking forward to a mutually beneficial relationship. This product will alleviate financial pressure for our tenants who will occupy our landlords’ assets. This is an innovative way to ensure service to our industry!” said Koos Croukamp.

 * T&Cs apply

* Your rental deposit waiver subscription should be in good standing

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