First-in-Canada solution boosts rental affordability for tenants

Aviva and RentHaven partner on new offering to market

Toronto, ON (Oct. 4, 2023) – Aviva Canada is pleased to announce it has partnered with RentHaven Inc., a technology company that provides an exciting new alternative to large upfront security and last month’s rent deposits, to help lower costs and boost affordability for residential tenants – a first in Canada.

The partnership aligns with Aviva Canada’s commitment to bring value through innovative solutions to partners. The RentHaven product^† replaces traditional cash deposits with a bond guaranteed by Aviva. Through RentHaven’s technology platform, tenants pay only a small monthly fee, freeing up cash for things like buying furniture, RRSP contributions or other moving expenses. Landlords are fully protected and have a powerful tool for attracting renters and improving the tenant experience.

“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, 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,” said Ian MacLeod, CEO, RentHaven Inc. “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.”

While common in the U.S., U.K., and Europe, there are currently no rent deposit alternatives in the Canadian market. RentHaven works by partnering with landlords to register with RentHaven to offer prospective tenants a surety bond – instead of large upfront payments – that cost as little as $8 per month, protecting landlords, while freeing up available tenant funds for other immediate needs.

Notes

^† The surety bond referred to in this press release is underwritten by Aviva Insurance Company of Canada. Terms and conditions apply.

About Aviva Canada

Aviva Canada is one of the leading property and casualty insurance groups in the country, providing home, automobile, lifestyle, and business insurance to 2.4 million customers. As a subsidiary of UK-based Aviva plc, Aviva Canada has more than 4,000 employees focused on creating a sustainable future for our people, our customers, our communities and our planet. In 2021, Aviva plc announced Aviva’s global ambition to become a net zero carbon emissions company by 2040. For more information, visit aviva.ca.

About RentHaven

RentHaven is a Canadian company committed to finding creative solutions to improve the lives of renters. The RentHaven Rent Deposit Alternative liberates the billions of dollars that Canadians have tied up in landlord accounts and allows them to use the money in better and more productive ways. For more information, visit myrenthaven.ca.

SOURCE: Aviva Canada

Tags: Aviva, industry first