Flatfair has revamped its deposit alternative service, claiming its new offer gives twice the protection of a traditional deposit scheme.
From this week its landlord customers can benefit from 10 weeks of damage protection or five weeks of damage protection and five weeks rent arrears protection.
It says this means tenants can secure a new home with what it calls “a small, one-off check-in fee equal to one week’s rent plus VAT instead of having to provide a costly cash deposit.” Payment to cover damages will be settled at check out.
Flatfair insists that with the average monthly rent in England sitting at around £700, and £1,400 in London, its service will save tenants having to find hundreds or thousands of pounds when they move.
Franz Doerr, founder and chief executive, says: “The additional levels of protection will provide extra security for landlords and their rental properties when they need it most.
“While renting through traditional methods means landlords can only secure a deposit capped at just five week’s worth of rent, we’re offering an extra five weeks worth of protection completely free for landlords and with only a small upfront cost to tenants, releasing them from the main financial burden of renting.”
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