Deposit alternative provider Reposit has agreed a partnership with Build-to-Rent operator Get Living covering more than 5,000 homes.
The service will be available across 10 Get Living neighbourhoods in London, Birmingham, Surrey, Manchester and Maidenhead, with another location expected to join the scheme later this year.
Residents will be able to choose Reposit instead of paying a conventional cash deposit, although the traditional deposit option will remain available.
Under Reposit’s model, residents pay a non-refundable fee equivalent to one week’s rent rather than lodging a refundable five-week deposit. The product provides landlords and operators with cover worth up to eight weeks’ rent.
MOVE-IN COSTS
The partnership is intended to reduce the upfront cost of moving while maintaining protection for Get Living against unpaid rent or property damage.
It also reflects growing interest among institutional landlords and Build-to-Rent operators in deposit alternatives as they seek to make the move-in process more flexible.
Ashley Cox (main picture, inset left), Resident Experience Director at Get Living, said: “At Get Living, our commitment to delivering a seamless, flexible and truly resident-first experience is what drives us.
“Introducing Reposit is just one more way we reinforce that commitment, giving our residents additional choice and flexibility when it comes to move-in costs, while continuing to deliver the exceptional experience they expect from us.”
RESIDENT CHOICE
And Gurman Bains (main picture, inset right), Head of New Business at Reposit, said: “This partnership is all about removing the high cost linked to a traditional deposit, which remains a huge barrier faced by renters as they move home.
“As a pioneer in the BTR sector, Get Living has helped set the pace for standards in modern renting, so this latest partnership is a natural fit.
“Together, we’re making it easier for residents to move with less friction, more choice and a renting experience that better reflects how people want to live today, while ensuring operators remain protected.”
Reposit said the arrangement would give residents greater control over their savings at the beginning of a tenancy while providing Get Living with more cover than a standard cash deposit.
