Rental platform flatfair has partnered with Winkworth Reading to offer tenants deposit alternatives and guarantor services aimed at reducing the upfront costs of renting.
The partnership will allow tenants renting through the agency to move into a property without paying a traditional cash deposit, while also giving access to flatfair’s Tenant Guarantor service if required.
Rising rents have increased the financial pressure on renters across the UK. With the average monthly rent now around £1,368, a typical five-week deposit can total roughly £1,580, creating a significant upfront cost for many tenants.
Under the arrangement, landlords will continue to benefit from flatfair’s protection service, which provides cover at both the start and end of a tenancy.
LANDLORD SECURITY
Gary Wright (main picture, inset right), CEO of flatfair, says: “We’re thrilled to be working with Winkworth Reading. Deposit alternatives and guarantor options remove some of the biggest financial barriers for tenants, while still giving landlords the security they need. Together, we’re making renting simpler, fairer, and more accessible.”
James Old (main picture, inset left), Lettings Director of Winkworth Reading, adds: “Partnering with flatfair allows us to provide our landlords and tenants with more flexible, modern solutions. It’s a step forward in improving the renting experience for everyone.”
NO DEPOSIT SOLUTION
Deposit alternative schemes have grown in popularity across the private rented sector as tenants look for ways to avoid tying up large sums of money in deposits.
flatfair said that when tenants are given the option on its platform, more than 60% choose a No Deposit solution rather than paying a traditional cash deposit.
The partnership forms part of flatfair’s wider expansion strategy across the UK as it works with letting agents and build-to-rent operators to introduce alternative renting solutions.
