Since Beam launched we’ve seen a number of people use the income and credit history from their new job to move into privately rented accommodation. As such, we want to see if we can use the flexible nature of Beam to accelerate the move for those who need it.
In cases where the person requests support accessing the private rented sector, we crowdfund their rental deposit alongside employment training, the first month's rent and tenancy support training. This will enable the person to rent a place to stay once they are in sustained employment.
The rental deposit is usually paid by the tenant to the landlord, to help protect the landlord against possible financial loss. In this case, Beam will pay the deposit directly to the landlord. This is refunded to Beam when the lease ends unless the tenant has failed to pay rent or has damaged the property. Money owed is deducted from the rental deposit and the balance is refunded to Beam. If the landlord has deducted money from the deposit for a valid reason, Beam will seek gradual re-payments from the person involved.
The amount raised is usually 6 weeks' rent and based on the type of accommodation and area the person wants to live in. We obtain this figure from searches on property websites like RightMove at the time of the campaign’s launch. It is an estimated figure as prices are likely to change by the time a person is ready to rent.
All rental deposit balances returned to Beam and any excesses not spent will be reallocated to live campaigns.