Coup for alternative deposits firm as BTR giant Dandara jumps on board
BTR firm's tenants now have option of a flatfair deposit alongside a traditional one, saving agents and operators time and costs.
Flatfair has signed a deal with build to rent specialist Dandara Living that will give would-be tenants access to its Flatfair Deposits product.
With Flatfair Deposits, residents have the option of a deposit alternative alongside a traditional deposit, saving agents and operators time and improving their compliance by not having to manually register traditional deposits themselves.
IMPORTANT PRODUCT
Gary Wright, Chief Executive of Flatfair, says: “We are delighted to be partnering with such a renowned name in the industry, and the growing popularity of Flatfair Deposits, not just in the build-to-rent industry, is a mark of how beneficial and important our product is to all parties.
“Although deposit alternatives are still relatively new to the industry, agents and build to rent operators are increasingly recognising the multitude of benefits that our deposit platform offers. Providing a choice of deposit options to customers is now a necessity, reflecting the evolving needs of the market.”
Sam Smith, Operations Director at Dandara Living, adds: “We have been looking at the deposit alternative product offering for some time, and we have watched this product mature over the last few years and become a proven alternative that today’s renter wants to see.”
The Neg revealed last month how Flatfair reckons agents could save tenants around £1,000 on their upfront move-in costs by offering them the choice of its ‘no deposit’ product, and that its service has already created savings worth £40m.
SPIKE IN SALES
Elsewhere, deposit alternative supplier Reposit reports more than a 25% spike in sales over the last year among tenants selecting properties with an above average rental cost.
According to Reposit data, the average five-week cash deposit is now £1,293, meaning the average Reposit costs £258.60. For tenants who choose Reposit, this leaves a remaining sum of £1,034.40 to use as they see fit.
Ben Grech, Chief Executive of Reposit, 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.”
Main picture: Dandara Living has been granted planning permission by Glasgow City Council to develop City Wharf, a development of apartments and residential amenity, student accommodation and commercial units, located in Anderston Quay.
