Aviva Canada has forged a partnership with tech company RentHaven to deliver a new rental affordability solution for tenants in the Canadian market.

Intended for residential tenants, the new offering will serve as a substitute for a lumpsum amount as an upfront security deposit as well as rent deposits for the previous month. 

This solution will help tenets in cutting down expenses and address housing affordability concerns, the company noted.

The latest alliance is in line with Aviva Canada’s strategy to offer new solutions for its partners. 

RentHaven’s solution is a replacement for the conventional cash deposit and aids tenets to purchase a bond that is guaranteed by Aviva, instead of making a cash deposit.

The technology platform of RentHaven enables tenants to make a minimal monthly payment, thereby freeing up money for other expenditures such as relocation costs. 

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By GlobalData

This approach provides complete protection for landlords and acts as a tool to garner more tenants.

Aviva Canada Developer Surety & Home Warranty head Andy Armstrong said: “Many renters are straining under the pressure of rising rents and trying to keep up with inflation and the cost of living. 

“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.”

No rent deposit substitutes are currently available in Canada, unlike in the US, UK, and European markets.

RentHaven collaborates with landlords and registers them with the company. Subsequently, a surety bond of nearly $8 for each month is offered to the potential tenants.

RentHaven CEO Ian MacLeod said: “RentHaven is proud to offer our innovative solution to address housing affordability in partnership with Aviva Canada. 

“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 recently entered a definitive agreement for the acquisition of American International Group’s (AIG) UK life insurance unit, AIG Life UK, for £460m ($562.83m).