Flatfair has announced a partnership with Fresh, a third-party provider of residential rental properties, that will see Fresh’s build-to-rent (BTR) and co-living property residents offered an alternative to traditional deposits.

Under the new scheme, instead of paying a traditional cash deposit, residents can pay a smaller one-off fee equivalent to one week’s rent plus VAT. This option aims to reduce the financial burden of moving into a new home.

According to deposit alternative provider Flatfair, residents using their deposit alternative save an average of £1,000 on upfront move-in costs. Additionally, the system is designed to save Fresh up to 60 minutes per tenancy and enhance compliance efficiency by registering all traditional deposits into Flatfair’s deposit scheme.

Gary Wright, CEO of Flatfair, said: “We are pleased to provide Fresh’s residents with a seamless and financially manageable move-in experience, especially as rent prices and traditional deposits rise.”

Jane Crouch, COO at Fresh, commented: “Partnering with Flatfair allows us to offer a valuable choice that can reduce the financial pressure of moving.” 

She added: “At Fresh, we strive to understand the market and its challenges, and this partnership reflects our commitment to finding innovative solutions that benefit both our clients and residents.”