Boost, a new product, has been launched by payment technology company flatfair.
The scheme provides landlords with up to six additional weeks of damage protection and recovery of damage costs on top of the maximum five weeks available through a traditional deposit for damage protection.
Boost is priced at 1.5% of the monthly rental value (plus VAT) and enables landlords to recover the costs of any damages just one day after charges are agreed at the end of the tenancy.
Given that the average monthly rent in England is around £700, many landlords would have to spend in the region of £120 extra a year to more than double their existing protection.
Aside from being used to add extra protection onto a traditional deposit, Boost can be used by landlords to support flatfair’s existing no-deposit solution.
Apart from the added protection, flatfair claims that the other key benefit for landlords is that the new platform promises faster payouts than they could typically expect.
Franz Doerr, founder and CEO of flatfair, commented: “Boost provides the same streamlined rental experience users have come to expect from flatfair but offers landlords added peace of mind during these extraordinary times.
“While renting through traditional methods means landlords can only secure a deposit capped at just five week’s worth of rent, flatfair with Boost provides an additional 6 weeks of protection.
“Furthermore, we will also pay out the cost of any damages within just one day after charges have been approved, so landlords can enjoy more peace of mind when it comes to their properties and better plan for the future.”