A new deal between Reposit and Build-To-Rent (BTR) giant Allsop will ensure incoming residents will have an alternative to the traditional cash deposit.

Reposit’s product enables tenants to pay one week’s rent as a non-refundable fee, while Allsop’s BTR landlord clients will benefit from increased protection, receiving up to eight weeks’ worth of cover against rent arrears and dilapidations.

That represents an average upfront saving of £1,293 for Allsop’s tenant, freeing up their money to use as they see fit, it is claimed.

The announcement comes as research commissioned by Reposit found that an increasing number of renters were having to borrow money to fund their cash deposits.

We’ve seen Reposit gaining ground across the industry.”

The research revealed that 38% of tenants were turning to friends and family, using credit cards, personal loans or dipping into their overdraft to cover the costs of moving home.

Nicola McKernan, Head of Operations at Allsop says: “The research tells us that paying a cash deposit can sometimes be difficult for residents, and we know that offering an alternative can be critical in the decision-making process.”

She adds: “We’ve seen Reposit gaining ground across the industry and have been impressed with their offering which eases the upfront rental costs for residents, particularly amid the rising costs of living, but also provides extended cover for build-to-rent operators.”

Gurman Bains, Sales Team Lead of Reposit adds: “Our latest collaboration with Allsop is a demonstration of our commitment to provide residents with an affordable and flexible alternative to traditional cash deposits, while helping to streamline operators’ end-of-tenancy processes.

“As our momentum continues to build, we’re finding more and more build-to-rent operators find Reposit to be a valuable solution for the industry by working efficiently and fairly for each stakeholder in the rental process – operators, managing agents and residents alike.”