0:03 AM, 6th June 2024, About 2 years ago 3
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Tenants moving into new Build to Rent (BTR) developments across the UK will now have the option to avoid the traditional five-week cash deposit thanks to a collaboration between deposit alternative provider Reposit and four major BTR operators.
The new partnership will see Reposit’s service offered at Lampton Parkside in Hounslow for the Pinnacle Group, Broad Street in Birmingham for Cortland and the Mitre Yard in North Kensington for AWOL.
There’s also Manchester Waters Tower C and Landmark for X1.
The firm says this brings the total number of BTR sites using Reposit to 52.
The firm’s chief executive, Ben Grech said: “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.”
He added: “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. ”
The renters at the sites will now pay a non-refundable fee of one week’s rent, rather a five-week deposit.
They will need to pass referencing checks or provide a UK guarantor.
Reposit provides its partners with up to eight weeks’ cover against rent arrears and property damage, while also streamlining administrative processes.
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Member Since December 2023 - Comments: 1522
8:51 AM, 6th June 2024, About 2 years ago
I’m not sure that a five week deposit is ‘traditional’. Strange choice of adjective.
However, I haven’t taken deposits in the past. I consider them an unnecessary administrative burden that could be used against me in the future.
Today, I’d seriously consider taking a deposit if I was to be tempted to let a property again. This is highly unlikely given the incredible bullying and unfair treatment that landlords receive from Government, Local Authorities, so-called charities etc.,
Not taking deposits serves two purposes. Firstly, it means that even poorer tenants can apply for your property. Being poor doesn’t make them bad tenants so it’s not a bad thing. Secondly, it means they are less likely to move (so the landlord suffers fewer void periods). The tenants would probably need to find a deposit if they ever chose to I’ve to another landlord.
The downside is obvious. There would be no deposit to protect the landlord from damage or missed rent however, five weeks rent would barely scratch the surface. Some tenants accept that they will lose the deposit and go on to cause many times more damage than the deposit would cover.
Reluctant Landlord
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Member Since September 2018 - Comments: 3392 - Articles: 5
9:41 AM, 6th June 2024, About 2 years ago
“The renters at the sites will now pay a non-refundable fee of one week’s rent, rather a five-week deposit.
They will need to pass referencing checks or provide a UK guarantor.”
The majority of those moving into BTR are going to be working, young and probably professional to afford the rent so I don’t suppose this is going to make a whole lot of difference to the tenant really – just makes filling the accommodation a bit quicker for the LL?
Paul Essex
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Member Since June 2019 - Comments: 688
21:49 PM, 6th June 2024, About 2 years ago
According to their website the tenants have to pay an additional annual fee – it is not at all clear what happens if this fee is not paid.