SA Landlord To Accept Crypto for Rental Deposits

Student housing operator Quorum Holdings will accept cryptocurrencies as a payment option for all rental deposits, becoming the first South African property company to permit crypto transactions.

In a statement, the company said crypto payments represent a new way of doing business.

“We are excited to be trialling rental deposits in crypto for our latest development in Johannesburg – Forest Views. Depending on how it works, we will expand to other properties in both Joburg and Cape Town,” Quorum Holdings group legal counsel Saul Mayers said.

“Our typical tenants are young professionals, who are familiar with crypto and may want to use theirs as a deposit instead of the standard deposit practice,” he says.

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According to Mayers, tenants will be required to transfer their crypto rental deposit in bitcoin or etherium to Quorum’s business account at South Africa’s largest cryptocurrency exchange, Luno.

Quorum Holdings is one of the leading affordable housing providers in South Africa with a growing portfolio expected to hit 3,000 units in Johannesburg over the medium term and another 5,000 beds in student housing through its subsidiary Urban Circle.

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