More Landlords Are Choosing Deposit Replacement Plans Over Traditional Deposits

More Landlords Are Choosing Deposit Replacement Plans Over Traditional Deposits | 3-Minute Read 

In today’s rental market, landlords are looking for smarter ways to protect their properties while attracting quality tenants. One increasingly popular solution is Flatfair’s deposit replacement plan, a modern alternative to the traditional cash deposit.  

Here’s why it’s gaining traction and how it can benefit you as a landlord: 

Stronger Protection 

Flatfair offers landlords protection of up to 10 weeks’ rent, that’s double the coverage of a standard cash deposit, which is typically capped at 5 weeks under UK tenancy law, meaning greater peace of mind if things go wrong. 

Boost Tenant Demand 

Flatfair’s no-deposit model removes the need for tenants to pay a large upfront deposit. This makes your property more accessible, especially to renters who may not have thousands saved, resulting in:  

• Faster lets.
• Fewer void periods.
• More interest from qualified tenants. 

Flatfair reports that 56% of tenants choose deposit alternatives when offered, making your property stand out in a competitive market. 

Less Admin, More Time 

Traditional deposits require registration with a government scheme, manual dispute handling and delays in releasing funds. Flatfair simplifies the process: 

• No deposit to hold or register.
• A smooth end-of-tenancy resolution.
• Optional debt recovery support.
• You save time and avoid the hassle.
• End-of-Tenancy Support 

Flatfair offers a discretionary debt recovery service and may even purchase outstanding charges from landlords. This means quicker resolution and less chasing for unpaid costs. 

Ready to Make the Move? 

James Stefanie, our Lettings Business Development Director says, “Flatfair’s deposit replacement plan offers landlords a compelling mix of enhanced protection and broadens tenant appeal leading to a better choice of tenants for your property. Often, we find that landlords misunderstand products like this, and they assume it attracts tenants who can’t afford to pay a deposit, which isn’t the case. Tenants still have to pass referencing and meet the same affordability criteria as those with a cash deposit – and cash deposits are heavily protected by legislation, so having cash in the bank doesn’t mean you have access to make deductions from it without agreement. Recently, we were seeing a shift in tenant demand also with fewer applicants registering per property, so Flatfair is a great option to boost the appeal of your property and minimise void periods with the added benefit of increased protection compared to a cash deposit.” 

Speak to our lettings team about offering Flatfair as an option on your properties. Whether you're managing one property or a portfolio, it's a simple change that could make a big difference.