Deposit alternative product Reposit will now be offered to residents at five new Build to Rent sites as part of an extended strategic collaboration with four separate providers.
The new sites are Lampton Parkside in Hounslow, operated by Pinnacle Group; Broad Street in Birmingham, operated by Cortland; Mitre Yard in North Kensington managed by AWOL - A Way of Living - as well as Manchester Waters Tower C and Landmark in Manchester, both operated by X1. Reposit is now working with these four providers across a total of 52 sites.
Residents who choose Reposit’s FCA-regulated product pay one week’s rent as a non-refundable fee instead of having to find five weeks’ rent at the start of their tenancy. All residents are eligible to use Reposit provided they pass referencing or provide a UK guarantor.
The Build to Rent operators receive up to eight weeks' worth of cover against rent arrears and dilapidations.
Reposit chief executive Ben Grech says: “At Reposit we have witnessed a huge increase in demand for our product from the UK's thriving BTR sector. This comes as operators increasingly use Reposit to further enhance resident experience, accelerate time to lease-up on new developments and maximise occupancy rates across their portfolios.
“Our FCA regulated product has become the stand-out choice for operators who seek to achieve these goals whilst retaining a robust stance on compliance.
“Already being a partner to many of the UK's leading operators, we are delighted to extend our partnerships with Cortland, Pinnacle, X1 and AWOL and have further exciting announcements coming soon.”
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