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

Claim is made by one of UK's largest Build-to-Rent operators in the UK after agency group Acorn rolls out the Zero Deposit product at its huge Croydon site.

Nigel Lewis

rental deposit croydon delta point

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.

“We have seen plenty of demand for Zero Deposit since it launched two months ago,” says Paul Deveney of Acorn Group (pictured).

“This is the right product at the right time for tenants who are increasingly finding it difficult to meet the various costs of moving and landlords who benefit from an easier move in process.

“We are delighted with the early signs and have no doubt that Zero Deposit will become the norm for renting in future.”

Zero Deposit launched in the Spring of 2017 and subsequently raised over £5 million of start-up cash including investments by former Countrywide big hitter Grenville Turner.

June 12, 2018

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