Almost one in three private renters rank having a no-deposit option among the most important factors when choosing a home, ahead of parking or pet friendliness.

That’s the claims following a survey of 1,000 private rented sector (PRS) tenants by Reposit.

It found that 33% cited a no-deposit option as an important consideration when deciding where to live. Each was asked to choose five factors which were most important to them. 

This put a no-deposit option almost level with transport links, cited by 33%, and ahead of the number of bedrooms (31%), parking (30%), landlord or letting agent reputation (27%), local amenities (21%), energy efficiency (16%), being pet friendly (15%), outdoor space (12%) and schools (8%).

Additionally, 40% of renters said keeping the amount of upfront costs as low as possible was ‘very important.’ 

However, the fundamentals of price, location and property quality remain the biggest considerations for private renters. 

Monthly rent topped the list, cited by 90% of respondents, followed by location at 85% and the condition of the property at 74%.

The importance of upfront costs was also reflected among students surveyed by Reposit. Almost four in 10 (39%) students cited upfront costs, including deposits, no-deposit options and holding deposits, as an important consideration when choosing a home.

For students, upfront costs ranked ahead of bedroom size (34%), transport links (31%), nearby amenities (25%), landlord or letting agent reputation (23%), internet being included (19%) and having an en suite (16%).

As with the wider PRS, monthly rent was the biggest consideration for students, cited by 89%, followed by location at 76% and property condition at 64%.

Ben Grech, chief executive of Reposit, comments: “ For landlords and letting agents, giving tenants greater choice over how they manage that upfront cost can therefore be an important part of the overall rental proposition.”