Agents Apr 15, 2024 < 1 min read
E-BOOK: The impacts of the cost of living crisis on the lettings industry 2024
The escalating cost of living has rapidly and significantly impacted the UK lettings industry. Agents are working…
The Build to Rent (BTR) sector of UK real estate is highly sought after due to its extensive range of amenities, convenient locations and co-living environments. According to property agent Savills, the rental sector within BTR is predicted to grow by a further 6.5% in 2023.
At flatfair, we are proud to work alongside over 70 operators including Fizzy Living, Greystar, Native and Pinnacle Group. The industry’s top players are now offering our No Deposit option to their residents as an essential part of their processes, rather than just an added bonus.
A “top 5 amenity” with tenants
According to Rightmove’s analysis, BTR residents are highly interested in No Deposit renting, along with having access to a garden and pet-friendly homes. Interestingly, these amenities ranked higher in importance than having a gym, swimming pool, or even complimentary Wifi.
This is not surprising considering the rising cost of living, which has made rent prices and deposits more expensive. Which is why our BTR partners offer their residents the option of a much lower one-time payment to secure their new home, instead of a large 5 week deposit.
Carmine D’Orazio, Community Operations Manager at Greystar is thankful that we can help them cope with the increasing demand for deposit alternatives:
Reducing unwanted void periods
By offering lower upfront move-in costs, No Deposit can make renting more accessible to a larger pool of renters, which in turn minimises void periods.
Tim Holden, Head of Residential at Edmond de Rothschild agrees:
Unrivalled protection
But increased demand for lower upfront costs isn’t the only reason operators are choosing to offer flatfair. Our market-leading protection is unrivalled, and offers up to 12 weeks cover for damages and/or rent arrears.
To date, we have protected operators for a whopping £24,133,317 in case of damages and/or rent arrears. Which is an extra £12,555,223 than they would have been protected for with a traditional deposit.
Get in touch with our team today so we can start offering lower move-in costs for your residents while more than doubling your protection levels.
