There’s been a 25%-plus spike in demand for a deposit alternative, claims one of the industry’s suppliers.
Reposit analysed its data from March 2023 to March 2024 and found there had been a 26.8% rise in sales among one and two person tenancies, with each tenant paying above the average rental cost of £1,029 pcm.
While the average rental cost for all properties is currently hitting £1,121 according to Reposit data, £1,029 was the average cost of one and two person tenancies from March 2023 to March 2024.
The average five week cash deposit is now £1,293, meaning the average Reposit costs £258.60.
Chief executive Ben Grech says: “This latest figure shows our FCA-regulated product is recognised as a valuable solution by tenants, landlords and agents across a growing portion of the lettings market.”
