Industry news

flatfair supports tenants demands for affordable deposit alternatives

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With a recent study indicating tenants are demanding alternatives to traditional deposit schemes, we share our thoughts on the long-awaited shift in the property market.

Traditional deposit schemes are clearly falling out of favour as a study by Your Move, suggests flexible alternatives would influence a tenant’s decision to rent a property. At flatfair, we understand how difficult it can be for tenants to find the funds to cover deposits, £1,110 on average, which is why we set about to disrupt the property industry.

With flatfair tenants no longer have to scramble around to find their deposit funds, they simply secure their property by paying a small one-off membership fee instead of the traditional 6-weeks rent.This has helped our tenants save over £2 million in upfront fees, meaning more affordable and stress-free renting.

For letting agents and landlords alike, providing tenants with a deposit alternative can result in properties being let at a faster rate l. With flatfair, landlords are given double the protection of traditional 6-week deposits with increased protection for up to 12 week’s rent.

The study by Our Move is further evidence that tenants are increasingly demanding more choice and for the wider property sector, this means providing a deposit-free alternative like flatfair as a practical and affordable solution for tenants.

Commenting on the study, our CEO Franz Doerr said ‘It’s great to see the property market shifting and that landlords are finally offering their tenants more choice. As the most affordable deposit alternative, flatfair doesn’t charge any renewal, top-up or extension fees for the lifetime of a tenancy. That’s why conversion to flatfair is so high; 2 out of 3 tenants opt for our service instead of paying a traditional deposit.’

Find out why tenants are looking for flexible alternatives to tenancy deposits and how flatfair could be the solution here.