Avoiding hefty deposits with PlanetRent

Agents and landlords can now offer deposit-free rentals safely and easily with our new lettings platform PlanetRent. The average deposit paid by tenants over the past year sits at £1,299 according to mydeposits. With the earnings of a typical Brit estimated by the Office for National Statistics as £585 a week, most deposits would be more than half a month’s income.

By using PlanetRent, your tenants get a much better deal. Our partnership with deposit alternative provider Reposit ensures landlords are protected while tenants can move into their new home and avoid putting down a hefty deposit. Here's how it works. Renters simply purchase a ‘reposit’, which costs just one week’s rent as a service fee. Reposit then offers market-leading property protection of 8 weeks to PlanetRent landlords - with very little admin and zero risk. PlanetRent landlords can use the service automatically, with all of the information around the tenant and the tenancy contract sent to Reposit at the first instance. Research by Legal and General reveals that 15% of people have no savings at all, and just under a third have less than £1,500 in the bank.

Landlord Today reports that a survey of more than 4,500 private landlords by the National Residential Landlords Association (NRLA), shows 90% of landlords with tenants who are struggling to pay their rent are bending over backwards to help. By using PlanetRent with Reposit, landlords and agents can cater to renters whose personal finances have suffered from the disruption caused by coronavirus.

Helping tenants who can't afford a large deposit

The partnership between PlanetRent and Reposit allows landlords to house a greater range of people, including those on lower incomes who can’t necessarily afford a traditional deposit, while staying protected, and those looking for their first job, just leaving education or looking for their first home.” Mary-Anne Bowring, group managing director at Ringley and creator of PlanetRent, says: “Deposits help ensure landlords are protected from any extra damage caused by tenants beyond reasonable wear and tear but for many renters, they are a huge financial burden and will be even more so thanks to the uncertainty caused by coronavirus.” The partnership between PlanetRent and Reposit takes the pain out of renting. Our new cloud-based platform really is lettings automated – it’s quick, easy and hassle free for landlords and agents and now its deposit-free for tenants too. www.planetrent.co.uk.

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