Up to half of all new tenants want to choose a deposit alternative product, an estate agency claims.  

Fenn Wright, an 11 branch firm covering Essex and Suffolk, claims awareness has grown enormously over the last three years with “up to” 50% of new tenants looking to use one instead of a traditional cash deposit. 

The claims come in a statement from Reposit which says from September 2023 to August 2024, sales amongst multi-branch letting agencies rose 29%. 

A Fenn Wright spokesperson is cited by Reposit as saying: “There’s a lot more awareness now of deposit alternatives among tenants, with more agents moving towards providing this option. 

“I think the products definitely give us more applicants because we’re offering them a choice with a reduced initial upfront cost, while landlords remain protected.”