No Deposit Renting

No Deposit Renting 

Our panel of carefully selected Specialist No Deposit Providers will offer the best options when looking for No Deposit Renting.

What is No Deposit Renting?

No Deposit Renting, or deposit alternatives, allow tenants to opt out of a traditional deposit (typically five weeks' rent) and instead pay a non-refundable fee of one week's rent.

Recently highlighted in the government's latest 'How to Rent Guide', this option benefits tenants by eliminating the need for a substantial cash deposit. In 2023, the average amount payable by a tenant was £242, compared to a typical £1,300 cash deposit, offering significant savings.

The landlord in turn is protected for between 6 to 8-week’s rent with some providers offering 12 weeks cover in case of any rent arrears or damages.

Most providers have different ways of covering landlords, with some cover being insurance backed, and some offering an insurance type warranty, being held by the provider. So landlords can be comfortable that they will be paid in the event of any charges. 

Landlord benefits:

• More cover than a cash deposit
• Rent faster
• Reduce voids
• Better protection with less hassle

Tenant benefits:

• No need for a full 5 weeks deposit
• Move into properties quicker
• Save money up front
• Fairer dispute resolution

Find out if our panel of Specialist No Deposit Providers can help to find the right no deposit option for you.