Lang Llewellyn & Co has partnered with Reposit to offer tenants an alternative to a conventional cash deposit across approximately 1,000 rental properties in Cornwall.
The letting agency will make the product available through its existing Goodlord tenancy process, where Reposit operates as the platform’s exclusive deposit replacement solution.
Eligible tenants can secure a property by paying a non-refundable fee equivalent to one week’s rent, divided between everyone named on the tenancy.
This compares with a traditional five-week refundable deposit, which Reposit says now averages £1,351.
STUDENT RENTERS TARGETED
Tenants must successfully complete referencing or provide a UK-based guarantor to use the service.
Lang Llewellyn & Co selected Reposit following a review of its suppliers, with its substantial student portfolio contributing to the decision.
Rhiannon Llewellyn of Lang Llewellyn & Co says: “As an agent with a sizeable student portfolio, we wanted a faster end-of-tenancy process, combined with greater choice for tenants.”
Student households can face particularly high upfront costs because deposits are calculated using the total rent for the property, even when divided among several occupants.
The partnership gives tenants a lower initial payment option, although the Reposit fee is not refundable at the end of the tenancy and renters remain liable for valid damages or arrears.
LANDLORD PROTECTION IN FOCUS
Reposit says demand for deposit alternatives is increasing as landlords and agents adapt their processes following the Renters’ Rights Act.
The company argues that additional financial protection against damage and rent arrears is becoming more important as property owners reassess tenancy risk.
Zoë Murphy (main picture), Partnership Sales Associate at Reposit, says: “Student renters are often significantly impacted by the high upfront costs when moving home, so offering a lower-cost way to secure a tenancy can make a real difference.”
The integration with Goodlord is also intended to reduce administration for Lang Llewellyn & Co’s property managers by incorporating the product into its existing tenancy workflow.
