In our ‘What to check before renting a flat’ series of blogs, so far, we have covered the ID and documents you will need to provide and deposits you may need to pay.
You can get a recap on both of those here:
In our final blog of the series, we take a look at Reposit – what we have called ‘No deposit renting’ – which could save you a small fortune when looking to rent.
What is Reposit?
Officially labelled ‘The tenancy deposit alternative’, Reposit is the name of a company that was founded in 2016 to make renting more affordable and accessible.
Since then we have partnered with Reposit and can now offer you ‘no deposit renting’.
How does Reposit work?
Instead of paying the traditional five weeks’ rent cash deposit, you pay a non-refundable fee of one weeks’ rent to Reposit.
Let’s take a look at how that works in practice. If the rent on the property you are looking at is £500 per calendar month for example…
- Traditional deposit = £575
- Reposit fee = £115
- A whopping saving of over £400
So, if you want to go ahead with a Reposit instead of a traditional deposit, we will put you in touch with them and it’s really as simple as that.
Is there any small print?
Sounds too good to be true doesn’t it!
Well it’s really not, but you should be aware of a couple of things:
- Unlike a traditional deposit, the Reposit fee is non-refundable
- You cannot use your Reposit fee towards any end of tenancy charges
- A Reposit can cover any length of tenancy, but if your tenancy goes over 12 months, you will be required to pay an annual fee of £30
In addition, Reposit acts as a kind of ‘mediator’ between you and your landlord. Reposit will therefore alert you of any end of tenancy charges. If you dispute those charges, you will be required to pay a £60 fee. In simple terms, if you win that dispute (and you are required to pay a lesser amount or none of the end of tenancy charges) you will get the £60 back. If you don’t win, you won’t get the £60 back and you will still be liable to pay the charges.
How will I know if Reposit is available?
It’s worth noting that not all landlords agree to Reposit / no deposit renting.
But if they have agreed and Reposit / no deposit renting is available, we’ve made it super obvious on all of our listings with a big blue sticker that says ‘Available with Reposit No Deposit Needed’.
So, now you’ve read all three of our ‘What to check before renting a flat’ blogs, what are you waiting for!
Start your search for the perfect home today: https://johnshepherd.com/lettings/property-to-rent-in-birmingham/