Lettings platform PlanetRent will now allow landlords to forgo the normal deposit after partnering with Reposit.
Instead of paying a deposit, renters can purchase a so-called ‘reposit’, which costs one week’s rent as a service fee.
Reposit offers property protection of 8 weeks to PlanetRent landlords
Mary-Anne Bowring, group managing director at Ringley and creator of PlanetRent, said: “Deposits help ensure landlords are protected from any extra damage caused by tenants beyond reasonable wear and tear but for many renters, they are a huge financial burden and will be even more so thanks to the uncertainty caused by coronavirus.
“The partnership between PlanetRent and Reposit allows landlords to house a greater range of people, including those on lower incomes who can’t necessarily afford a traditional deposit, while staying protected, and those looking for their first job, just leaving education or looking for their first home.”
Jude Greer, co-founder at Reposit, said: “For many renters the deposit will be one of their biggest, one-off financial expenses of the year.
“As coronavirus continues to impact the economy and personal finances, more and more people will not want to commit to that sum of money.
“Equally, landlords will be keen to reduce void periods whilst remaining protected in these uncertain times. Our partnership with PlanetRent allows many more landlords and tenants to benefit from Reposit’s product.”
This post has originally been featured in Property Wire.