A new partnership between Irish start-up Deposify and the Union of Students in Ireland (USI) is hoping to help renters who struggle to get their deposits back.
Recent figures from a Red C poll conducted in conjunction with the USI have shown that 60pc of tenants in Ireland have struggled to recoup their deposits from landlords, perhaps exaggerated by a reduction in available rented homes, and an 8pc spike in rents in the past 12 months.
In response, the USI is partnering with Deposify, a disruptive start-up that manages security deposits for both tenants and landlords.
Complementing its ‘Homes for Study’ campaign, USI hopes Deposify can help find “solutions” for a growing list of problems for Irish renters.
“Last year, Ireland saw many problems in the accommodation sector,” said Anne Hoey, USI’s president.
“But, this year, USI is at the forefront of finding solutions to these problems, and a deposit management service with Deposify is a perfect solution for deposit disputes.”
Deposify featured as a Siliconrepublic.com Start-up of the Week last year, with its simple premise proving a hit throughout the industry.
It gained impressive recognition in 2015, including making an appearance on the Business and Finance Elevation 100 and being shortlisted for Best Innovation for Financial Services in the Irish Internet Association (IIA) Net Visionary Awards.
Though its popularity in the US was perhaps most striking, with it raising €1.1m earlier this year as part of an international expansion.
Deposify is backed by Bank of Ireland and Delta Partners among others, with Jon Bayle, co-founder and CEO, confident his company can help fix the rental situation in Ireland.
“Deposify gives landlords and tenants a joint account for rental deposits, and lets them manage and control how and when deposits are paid and resolve deposit-related disputes,” he said.
“USI is doing much-needed work in the housing sector and Deposify is pleased to be part of this work.”