There’s been a 25%-plus spike in demand for a deposit alternative, claims one of the industry’s suppliers.
Reposit analysed its data from March 2023 to March 2024 and found there had been a 26.8% rise in sales among one and two person tenancies, with each tenant paying above the average rental cost of £1,029 pcm.
While the average rental cost for all properties is currently hitting £1,121 according to Reposit data, £1,029 was the average cost of one and two person tenancies from March 2023 to March 2024.
The average five week cash deposit is now £1,293, meaning the average Reposit costs £258.60.
Chief executive Ben Grech says: “This latest figure shows our FCA-regulated product is recognised as a valuable solution by tenants, landlords and agents across a growing portion of the lettings market.”
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Another advertorial. What is it with all these Bens? Is it discrimination against other names?😇
I thought Mohammad was the most popular name in Britain? Maybe they missed the housing sector when working that one out!
Anything other than a traditional deposit is an expensive gimmick. Tenants often don' t realise they are still on the hook for damage after they have paid for the alternative. I won't accept these - just another person to argue with after a tenant abuses your house!
Obviously if you ask tenants whether they want to pay a deposit up front or not, they will say no!! My view if they don't hold enough savings for a deposit then their finances are too challenged, and it will be an issue when I need to sell the house. Sorry about that.
I had a guy once wanted to pay the deposit in installments while he was living in my property, of course that was a no from me
Rent is for paying in monthly instalments, not deposits. Simple.
Agency with guaranteed rent has eliminated all this nonsense from my world 🌍
They would say that wouldn't they. No landlord worth their salt would entertain a deposit alternative to cash. It simply doesn't work and landlords are left dealing with the consequences. Complete BS to suggest otherwise.
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