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Reposit - Storeys now offer a deposit replacement for tenants

Security deposits are an essential part of the renting process. But they can be tough to find and may represent an obstacle for tenants who don't have lots of financial resources. That's why Storeys is offering a deposit replacement scheme that is designed to make it easier to get a foot in the door of your ideal rental home - Reposit.

Tenants and security deposits

The security deposit has been a pain point for tenants for some time. A lack of deposit may mean that certain properties are out of reach and can make the process of finding somewhere to live very stressful. However, the property world is evolving and new deposit replacement products - such as the Storeys scheme - offer innovative solutions. Reposit helps to provide landlords with the reassurance of cover while also removing the onerous financial implications of trying to get a large lump sum together before a tenancy can be signed.

A smart deposit alternative

  • Tenants using Storeys deposit replacement don't have to find a large sum up front in order to cover the cost of the deposit. Instead, it's possible to pay just one week's worth of rent as a single one off (non-refundable) service charge to provide landlords with up to eight weeks' worth of protection. If there is an issue at the end of the tenancy, such as unpaid rent or paying for damage, tenants will still need to cover the cost. However, if they can't, landlords know they are protected by Reposit.

The benefits of Storeys deposit replacement scheme

  • Reducing the cost of moving. Moving house is notoriously expensive. For many tenants, removing the need to find a security deposit on top of everything else can be a huge relief.
  • Making it easier to sign on the dotted line. Without the significant up front cost of the security deposit to find tenants often have more choice and freedom when it comes to choosing the right property to rent.
  • Landlords are still protected and so more willing to accept tenants without a deposit. There is no increase in risk exposure for landlords even though there's no deposit in the bank. If there is an issue at the end of the tenancy they are protected for up to eight weeks' worth of rent.
  • Less administration, fewer costs. There is simply less paperwork involved in a scheme like Storeys deposit replacement. This more cost effective approach means that both landlords and tenants can pay less when it comes to the process of moving in.
  • Access to savings. Tenants are free to use savings - or a returned deposit from a previous property - in ways that are more beneficial to lifestyle instead of tying it up in a deposit for a potentially unknown period of time.

If you'd like to find out more about the Storeys deposit replacement scheme - and how it could benefit you -, get in touch.

20 February 2019Written by Andrew Blythe

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