Deposit alternative provider flatfair claims to have enjoyed a record-breaking start to 2024, forming 61 new partnerships. 

These include Concept Estate Agents, Dandara Living, The Property Centre, Turay Homes and urbanbubble.

The company says the growth in popularity of deposit alternatives is clear, with 56% of tenants choosing one of its products over a traditional deposit when displayed with the two options side by side. It says this shift is likely influenced by the increasing cost of living and higher rents. 

The company says that with the current average UK rent, tenants typically need to pay around £2,922 when moving into a new property, which includes their five week deposit and first month’s rent. This excludes all of the other expensive costs associated with moving homes.

Flatfair claims the average tenant choosing its No Deposit product saves £1,000 on upfront move-in costs.