Deposit-free renting provider Flatfair has signed a partnership with CBRE UK Residential Lettings to offer deposit alternative solution.
CBRE’s residential lettings business operates at the very top end of the UK property market, with an average rental value of £1,000 per week, or £4,333 per month, for their letting properties.
The move will bring the platform to a wider audience, as thousands of tenants and landlords gain access to Flatfair's membership service.
Instead of taking a deposit, landlords using CBRE can ask tenants to pay a one-off fee - equal to the value of one week’s rent - to join Flatfair, which offers residential landlords up to 12 weeks protection and a free debt recovery option for any additional claims.
The payment technology firm believes that its deposit replacement scheme can help strengthen ties between landlords and tenants.
The initiative, which offers 12 weeks’ worth of protection, is designed for tenants who do not have all the funds up front for a traditional tenancy deposit.
Sharief Ibrahim, director, Residential Agency, CBRE, said: “We are pleased to be able to offer tenants an alternative to providing an up-front deposit, and access to a digitalised deposit and deposit-free registration process through flatfair’s platform.”
Franz Doerr, CEO and founder of flatfair, added: “We strongly believe that our technology solution offers a safer, more streamlined approach in comparison with the numerous insurance products that have entered the deposit replacement market, and are pleased that CBRE has recognised that.”