Payment technology firm flatfair has teamed up with CBRE UK Residential Lettings to offer a deposit alternative solution and help reduce the cost of moving for tenants.
Flatfair has been selected by CBRE’s UK residential lettings business to bring deposit-free renting to their landlords and tenants.
CBRE UK is part of the world’s largest real estate group. This is the first deposit-free service which CBRE has joined in the UK.
CBRE’s residential lettings business operates at the top end of the UK property market, with an average rental value of £1,000 per week, or £4,333 per month, for their rental properties.
How does it work?
Instead of paying an expensive upfront deposit, CBRE tenants can now opt to join flatfair, increasing mobility by reducing significantly the upfront cost of moving home.
CBRE landlords, who include numerous financial institutions, funds and Family Offices, will benefit from flatfair’s landlord protection and not be limited by the new five to six-week cap on tenancy deposits.
Sharief Ibrahim, director, Residential Agency, CBRE said: “We are pleased to be able to offer tenants an alternative to providing an up-front deposit, and access to a digitalised deposit and deposit-free registration process through flatfair’s platform.”
Franz Dörr, CEO and founder of flatfair, commented: “We are incredibly proud that CBRE has selected flatfair as their deposit alternative of choice in the UK.
“We strongly believe that our technology solution offers a safer, more streamlined approach in comparison with the numerous insurance products that have entered the deposit replacement market, and are pleased that CBRE has recognised that.”