EXCLUSIVE: If You’re Looking To Rent, Fronted Has Your Deposit Covered!

House prices are rising. This is a problem. The solution? More people are looking to rent. But inevitably, there comes another problem: rent prices are also through the roof. With an 8% increase in rental prices from 2021 compared to the previous year, a new deposit is approximately £100 more expensive this time around. To some, that may not sound like a lot of money, but if you’re renting in the first place, one thing for sure is that you don’t want to be paying more money than you need to in a short space of time.

Moving just is expensive. Because of this, Fronted, a London based rental Fintech company, have launched a new competition to support customers moving homes, reducing their overheads and their anxiety.

Founded in December 2019, Fronted’s company objective is to help renters by offering credit for individuals who rent in England and Wales to spread the cost of apartment deposits which can cost as much as several months’ rent. They cover deposits ranging from £500 to £3000. This alternative to customers having to pay large upfront deposits helps more and more people better manage their financial cash flow and reduces that feeling of being swamped, losing so much cash in so little time. A Fronted deposit can also help individuals build their credit scores, making loans and payments more attainable in the future too.

After securing an extra £1million in funding earlier this year from a host of backers, many of which were ex-Monzo employees, Fronted, in thrilling fashion, have now gone further with their goal.

Fronted Friday – The company has launched a competition via their Twitter page, named ‘Fronted Friday.’ This initiative sees the winner, a randomly selected twitter account, receive a free deposit for their rental property on the last Friday of each and every month, with Fronted hoping to #ditchthedouble. To be eligible for the competition, all you need to do is follow Fronted on Twitter, Instagram and share the monthly post from Fronted with the hashtag above.

To eliminate fraudsters from ruining the competition and cheating out an honest, deserving winner, Fronted pay the rent directly to an estate agent themselves. The company has just celebrated their first ever winner, @JassIsabella25!

The competition has created an exciting energy around itself, with Luke Massie, founder and CEO of VibePay, commending the initiative and how it typifies how passionate Fronted are about solving the rent problem in the UK. Canopy, a similar proptech to Fronted, also shared the competition, showing the collective commitment to solving the rental problem at hand. Hopefully as time goes on, such competitions will not only help more people afford their deposits, but will draw more attention into the problem with rental pricing at the moment, triggering eventual change and further financial protection for tenants.