When money’s tight, saving for or parting with a bond can be a struggle, so one Canberra real estate agency is offering up a limited number of bond-free apartments.
Five one-bedroom apartments in the popular Aspen Village complex in Greenway will soon be available to rent without requiring a bond.
The Property Collective director of Property Management Hannah Gill says the pilot bond-free initiative will allow five tenants to rent an apartment without having to part with almost $2,000 upfront.
In the current financial climate, she says rather than tying up a bond for the length of their lease, tenants could use that money for other things or as a savings buffer.
“We know that the cost of living is increasing, and rent forms a huge part of that,” Hannah said.
“Canberra rents continue to be the highest in the country and the supply of properties is low, which can make it particularly tough for renters.
“We thought we would trial the bond-free initiative to help out good tenants that can afford to pay their rent and have good references but who might want the convenience of not forking out a bond.”
The bond for the one-bedroom apartments would normally be around $1900 – equivalent to four weeks’ rent.
Hannah says the Aspen apartments are ideal for singles or couples with a good rental history seeking a modern home with state-of-the-art amenities in Canberra.
“Of course, our normal tenant vetting process applies, but it’s not any harder than usual,” she said.
“If the tenants can demonstrate they can care for the property and pay the rent, they will be considered for the bond-free tenancy.”
The prospect of not having to pay a bond that could be tied up for years is proving to be “really appealing” for potential tenants that have shown interest in the initiative, a collaboration between builders Empire GLobal and Geocon.
Younger tenants, or those on lower incomes, could struggle to save their bond, or they could have funds still tied up in a bond from a previous rental property. Renters often have to fork out new bond money before their last bond is paid back.
Hannah says the lag time can make it difficult for tenants who also have other moving expenses.
While the concept is new and may seem risky, Hannah says, to look after the apartment owners, The Property Collective guarantees the incentive.
“We don’t want a negative outcome for our landlords, so we’re guaranteeing to pay the equivalent of the bond if the tenant causes any damage to their property. It’s a win-win scenario,” Hannah said.
“The majority of our tenants are excellent. They pay their rent and look after their homes.”
The program also aims to build a strong relationship between the property owners, their tenants and The Property Collective. If the pilot proves successful, it may be expanded down the track.
Hannah says with only five bond-free apartments up for grabs, prospective tenants will have to get in quick to be in with a chance.
The modern apartments offer flexible floorplans that maximise the natural sunlight, stone benchtops and high-end kitchen appliances, and energy-efficient LED lighting throughout to save on climbing electricity bills.
Residents can enjoy the range of stunning amenities, including The Summit – a luxurious rooftop entertaining space complete with an indoor-outdoor bar, heated infinity edge pool, bookable private lounge areas, barbecue and dining facilities, fire pits and lawn area.
The Aspen Village is an alpine-inspired precinct on Canberra’s unspoilt natural fringe overlooking Lake Tuggeranong. It’s a short walk to South.Point Shopping Centre and numerous bush walks and reserves.
Anyone interested in the bond-free tenancies is invited to attend the apartment open homes at Aspen Village on Thursday afternoons and Saturday mornings, or contact the team at The Property Collective at email@example.com.