Over 60% of tenants offered insurance-based rental deposits take it up

Over sixty percent of tenants offered an insurance rather than cash-based rental deposit scheme at one of London’s largest new-build rental apartment developments have chosen to do so, it has been claimed. Criterion Capital, one of the UK’s largest Built-to-Rent operators and a major client of letting agent the Acorn Group, has made the claim for the first phase of its Delta Point scheme in Croydon, which eventually will bring 404 rental units to the market. The service is being provided by Zero Deposit, the Stevenage-based proptech firm co-founded by Jon Notley. “There is no question that Zero Deposit is helping to make our properties more attractive to potential tenants, speeding up the process and resulting in happier tenants when they move in,” says Karl Elliott, Head of Portfolio at Criterion Capital. Rental deposit Acorn Group, which includes four agent brands – Langford Russell, John Payne, Unique and Acorn – is one of South East London’s larger agency groups and has a total of 31 offices. All of these have now rolled out the Zero Deposit product. The agency was one of the four industry big hitters to give Zero Deposit its backing in February alongside Connells, LSL and Knight Frank.…