Deposits
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      What is the difference between a traditional DPS Deposit and Reposit?

      Summarizing the main differences between the two schemes, and their benefits for tenants

      Deposit protection is an essential element of renting your home. Urban Evolution offer 2 options, a traditional deposit protection facility, or a zero deposit offer, but what is the difference between the two?

      DPS Custodial Scheme (Deposit Protection Service):

        • The DPS Custodial Scheme is a government-approved deposit protection service in the UK.
        • Under this scheme, the tenant's deposit is held by the Deposit Protection Service for the duration of the tenancy.
        • Tenants must pay a deposit of up to 5 weeks rent to agent, who then protects it via the DPS.
        • The deposit is securely held by the DPS, and at the end of the tenancy, any damages, arrears or cleaning charges can be claimed against the deposit, and any disputes can be adjudicated by the DPS team.

      Reposit:

        • Reposit is an alternative to traditional deposit schemes that allows tenants to pay a non-refundable fee (usually equivalent to one week's rent) instead of a traditional security deposit DPS of 5 weeks rent.
        • This fee acts as a guarantee for landlords, providing them with the same level of security as a traditional deposit would.
        • Tenants are still liable for any damages arrears or cleaning, and will have to pay Reposit at the end of the tenancy for any costs incurred by the landlord. The value of which cannot exceed 8 weeks rent.

      What is the difference?

      In both schemes, the tenant remains liable for any damages, cleaning or arrears left after the tenancy has ended. With the DPS, your a larger deposit is paid upfront, at the start of the tenancy, and returned at the end. With Reposit, you'd pay any costs at the end of the tenancy, and pay a much smaller, non-refundable fee at the start of the tenancy to register your Reposit. 

      Which deposit scheme should I choose?

      This is completely up to you as a tenant, Urban Evolution will always offer both schemes as an option to tenants. Both schemes are perfectly valid deposit protection options, one is no more or less safe for tenants or landlords. By offering a zero deposit alternative, Urban Evolution are committed to allowing our tenants financial freedom, especially when it comes to moving homes and renting.