Reposit: The alternative to cash security deposits. More Protection. Less Hassle.
Discover how Reposit is transforming the rental landscape for landlords and tenants, offering more protection and less hassle with deposit alternatives.
Are you a landlord looking to streamline the rental process while ensuring maximum protection for your properties? Say goodbye to the traditional cash security deposits and hello to Reposit - the innovative alternative that is revolutionising the rental market.
How it works
Reposit is a game-changer for landlords - and the best part? We’re offering it to our landlords completely free. Here's a quick rundown of how Reposit works… when a tenant opts for Reposit over a cash deposit, we set up the Reposit on the platform once the tenant passes referencing. The tenant then pays a nominal fee equivalent to just one week’s rent to secure the Reposit. This fee provides coverage for the landlord against 8 week’s worth of rent.
By committing to be liable for any end-of-tenancy charges, tenants grant us the authority to collect these funds from them. Reposit will always attempt to recover the money from the tenant first. If the tenant defaults on payment, our insurers will step in to settle the charges. In this way, you never need to worry if the money’s going to make its way back to you.
Why deposit alternatives are gaining popularity
The rental landscape is evolving, with cash deposits facing stricter regulations. The Tenant Fees Act 2019 capped cash deposits at 5 weeks' rent, while non-compliance can lead to hefty compensation payouts for landlords. Government schemes for deposit disputes can also prolong resolution times, causing inconvenience for both parties.
With a rising number of households opting for renting and the financial burden on tenants increasing, accessible alternatives like Reposit offer a sigh of relief for cash-strapped renters and cost-conscious landlords. A generation of adults have been priced out of the housing market. By 2023, 22% of all households will be rented and people are renting for longer. Over 43% of tenants need to borrow to pay their cash security deposit. The impact of the financial crisis and COVID-19 have made the need to reduce the upfront costs of renting even more important.
This innovative solution fosters trust between landlords and tenants, paving the way for a seamless rental experience. By offering Reposit, we can attract high-quality tenants to your properties, creating a win-win situation for all parties involved.
Reposit is reshaping the dynamics of the rental market, presenting a forward-looking solution for both landlords and tenants. More protection, less hassle, and a brighter outlook for your rental portfolio.
If you’d like to know more about our Reposit scheme, get in touch with our fantastic lettings team. You can contact us via WhatsApp through our website, or book in with Preyen directly to discuss your specific situation. Just CLICK HERE to book in an available slot.
You can also download our full guide on the Reposit Scheme on our website. Just CLICK HERE.