Securely stand out from the crowd
Deposit Alternative integrates directly into your tenants’ contract signing process and offers a cheap alternative to a traditional 5 weeks deposit. Beyond that, your tenants also get a whole host of additional benefits, without you having to compromise on the financial protection that a traditional deposit offers.
A modern approach to rental deposits
Traditional deposits are obsolete, slow and inadequate with their 5-weeks worth of protection, as it is solving and making claims.
Deposit Alternative replaces the traditional deposit with a secure, innovative solution that gives landlord up to double the protection and security in case of claims.
Features that help you rent better
Happier tenants
Reduce prospective tenants’ moving cost, improve their cash flow, and offer incredible benefits
Eliminate deposit fines
Avoid threats of deposit related fines, as you will not collect money directly from tenants
Market-leading protection
Enjoy the benefits of up to five weeks protection with no administration costs
Swift resolution
Start the impartial resolution process from your portal once you have prepared evidence
Competitive offering
Provide a competitive offering for tenants, so you can let your properties quickly and easily
Earn commission
Customers on paid plans earn £5 commission for each tenant that signs-up
How does Deposit Alternative work?
Your check-in process
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1
Property Managers can offer tenants Deposit Alternative during the contract creation stage
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2
Tenants will be able to select either Deposit Alternative OR a traditional security deposit
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3
If Deposit Alternative is selected, Property Managers will create an inventory, Check-in Report on the property condition, and reference checks
Your check-out process
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1
At the end of the tenancy, the Property Manager will conduct the Check-out Report, identifying any changes in the condition of the property
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2
Upon assessment of the Check-out Report, any disputes which have arisen will be resolved quickly and fairly by Ome’s Resolution Team
Need to make a claim?
99% of tenancies end without a dispute, but we are prepared for when
things go wrong.
You are guaranteed to receive payouts for a valid claim, even if the tenant refuses to pay.
Dispute Resolution
All claims are adjudicated by Ome, our experience partners. They settle disputes quickly and fairly at no cost to the Property Managers.
Financial liability
Tenants are financially liable for any costs after a claim is approved. Ome will recoup the payout costs from tenants directly.
Considerations for Property Managers
Reports
All tenancies require completed Check-in and Check-out Reports
Resolution
The resolution process can be started in the Ome portal
Ready to get started?
Deposit Alternative is offered by StuRents in partnership with deposit experts Ome who have over 14 years of experience.
Try Deposit AlternativeProperty Manager FAQs
How much does it cost?
Deposit Alternative is priced based on the weekly rent per person price, this makes it a fair option for tenants renting cheaper or more expensive properties on the market.
Tenancies where the weekly rent is under £135 per person per week, Deposit Alternative costs £99.00 including VAT.
Tenancies where the weekly rent is over £135 per week, Deposit Alternative costs 1 week rent.
We calculate the weekly rent figure as an average of the total rent for the tenancy to make it easier for the cover to protect you in shared areas such as kitchens, hallways, bathrooms and gardens. Say you had a bigger room so your weekly rent was slightly more expensive at £140 pw, and your other 3 housemates rent was £90 pw (£410 pppw total) then the cost would be £102.50 per person.
This is a non-refundable fee.
Do tenants' guarantors have to be UK based?
Yes. When signing a tenancy that offers Deposit Alternative, all tenants' guarantors are required to be UK based.
How quickly are we paid out?
If a tenant has failed to pay an adjudicator’s award 7 working days after it was due, OME will make payment in full to the landlord.
In the event there is a dispute at the end of the tenancy, the process and timings are similar to a traditional deposit. The dispute must be raised with OME then the resolution team give both parties 5 working days to provide any information and then attempt to resolve within 5 working days. If there is no resolution, the case is passed to an independent adjudicator which if awarded in favour of the landlord, the tenant will have 10 working days to pay.
How and when can we claim?
You have 60 days from the end of a tenancy agreement to raise a dispute. To use the resolution process you must provide:
- A copy of the tenancy agreement
- A copy of the tenant reference
- Conducted a check in report/inventory, before the tenancy started
- Conducted a check out report shortly after the end of the tenancy
- Evidence to support any claims that the tenant has breached the tenancy agreement.
Is Deposit Alternative an insurance product?
No. We have partnered with OME which operates a membership scheme for tenants. OME is part of the Hamilton Fraser group which provides specialist insurance services to the private rented sector.
On joint tenancy agreements, can one tenant purchase Deposit Alternative and the others pay a traditional deposit?
No. Given that the tenancy deposit schemes recognise the deposit as one regardless of how many joint tenants there are, all tenants must either pay their contribution to a deposit or all must pay for the Deposit Alternative.
Where can I find the full terms and conditions?
Where can I find out more information?
You can find more information about Deposit Alternative in our help section
