2024 marked a milestone year for flatfair with more No Deposit tenancies than ever before.
Throughout the year, we welcomed lots of new partners. These include many of the most respected agents and Build to Rent operators in the industry: Andrews Property Group, Dandara Living, Reed Residential, The Property Centre, Turay Homes, and urbanbubble.
Which means lots more landlords and tenants have reaped the benefits of our market-leading deposit alternative. Throughout the year, we saved tenants £16.4 million on their upfront move-in costs while protecting landlords for £38.5 million in the event of damages and/or rent arrears.
No Deposit: The preferred choice for tenants
On average, 52% of tenants chose flatfair No Deposit over a traditional deposit when displayed with the two options side by side. This emphasises the growing importance of offering a choice of deposits.
The rise in rental prices - up 13.2% from last year - has made our deposit alternative even more appealing. As rent prices escalate, so does the cost of traditional deposits, which in turn have risen to £1,580.
By choosing flatfair No Deposit, the average tenant has saved £1,291 on their upfront move-in costs this year.
First class support from our team
As more agents discover the potential of our deposit alternative, our customer support team has been busier than ever, handling a wide range of queries.
Our team continued to deliver a first class service for letting agents and their customers, improving on last year’s results with hugely impressive satisfaction ratings of 95.1% and 96.1% on emails and live chat, respectively.
Reduced end of tenancy charges for our partners
Our end of tenancy team has been instrumental in helping partners reduce charges, providing a range of valuable resources:
Their hard work produced tangible results, with a reduction of nearly 4% in end of tenancy charges from No Deposit tenancies. In doing so, our partners can experience a faster turnaround on lettings and subsequently happier clients.
Looking to improve your deposit process for 2025? Book a no-obligation demo with our team today and start your new year in the best possible way.
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