Deposit-free renting is growing increasingly popular, with more providers than ever before now providing tenants with a range of nil deposit schemes, in exchange for a referral commission, which partly explains why Haart, one of the UK’s leading estate agency groups, is offering to return more than £20m of deposit money to tenants.
The company has teamed up with deposit-alternative flatfair to encourage more tenants to sign up to its deposit-free rental model in exchange for what it describes as the ‘biggest ever return of tenancy deposits in UK history’.
The group partnered with flatfair last April, to provide new tenants with the option of paying flatfair a one-off membership fee of a week’s rent plus VAT, instead of a deposit, then pay for any lawful claims when they leave their property. In return, landlords benefit from up to 12 weeks’ protection against rent arrears and dilapidations.
Haart is now extending the offer to existing tenants, too. That means tenants can get their full deposit back in exchange for their one-off membership fee.
“It’s more important to us than ever that we offer landlords the highest level of protection on the market and that’s exactly what flatfair provides, while benefiting tenants at the same time. It’s a win-win,” said Spicerhaart CEO, Paul Smith.
flatfair CEO, Franz Doerr, added: “We hope to put millions of pounds that are pointlessly locked away back in the pockets of tenants across the UK, while providing landlords with the cover they need.”