Tenant deposit schemes that suit you
To meet the needs of an evolving rental market, we’ve partnered with various tenancy deposit schemes – so you can find a solution that works best for you.
HOW IT WORKS
The traditional tenancy deposit scheme
We work with Deposit Protection Service (DPS), a government approved deposit protection scheme. With DPS, we ask your residents to pay a deposit that is 5 weeks worth of rent and place it in protection within 30 days of receiving it. At the end of the tenancy, we handle any potential deductions with the residents. If there is no resolution, the case is sent to government-backed independent adjudicators, who normally resolve the dispute up to 28 days after receiving evidence.
TRADITIONAL DEPOSIT OPTION
Your options with a traditional deposit scheme...
DPS holds the tenant deposit for the duration of the tenancy without a cost to you.
You hold the deposit personally and pay DPS a fee for protecting it.
‘No deposit’ scheme for fast and easy renting
The rental market is evolving fast and long resolution processes don’t necessarily cut it anymore – for residents or landlords. We work with Flatfair to offer a flexible solution that can meet resident needs while giving you double the protection you’d receive from a traditional deposit scheme.
NO DEPOSIT OPTIONS
Giving your portfolio a competitive edge
Properties with ‘no deposit’ options benefit from 25% higher click-throughs than traditional deposit offerings online. This is likely due to a shift in the rental market – short lets are becoming longer, long lets are becoming shorter and last-minute moves are increasingly popular. Residents want their move to be fast and flexible without having to lock away large sums of money for a deposit.
Flexibility without sacrificing security
Residents only need to pay an upfront fee of one week’s rent – but they still remain accountable for arrears or damage on their part by paying out any amount owed at the end of the tenancy. This significantly reduces barriers to entry for residents and makes properties offering this deposit option more appealing. Flatfair are backed by insurance and all residents using the ‘no deposit’ scheme must pass referencing to ensure they are able to cover the potential costs.
Double the protection
You’re offered up to 10 weeks of protection - 5 weeks of rent recovery and 5 weeks worth of damage - which is double to what you would get through a traditional deposit scheme.
Speedy fund recovery
At the end of the tenancy, you have access to funds faster than you would with traditional schemes. You are normally paid back any charges you’re owed in under 10 days.
If there’s no easy resolution of funds at the end of the tenancy, the case is sent to government-backed independent adjudicators and resolved within 28 days.