Introducing security deposit signup workflow
Forbes estimates the US market for rental security deposits to be more than $60 billion and climbing. Security deposits are required fees that protect apartment communities from potential damages caused by residents. The fee can vary widely in amount per property from hundreds to several thousands of dollars. For tenants who don’t have large sums of cash on hand, security deposits can become a barrier to primary housing.
Security deposit alternatives were invented as a way to help alleviate the financial burden for residents. Alternatives often allow residents to make smaller monthly payments throughout the length of a lease vs. one lump sum. State and local jurisdictions are moving in favor of giving residents choice in how they pay a security deposit. As a result, landlords must offer security deposit alternatives to all residents in over 20 states and counting.
To reflect the evolving security deposit landscape, we’re pleased to launch a new feature that gives communities a flexible solution for security deposit alternatives that is easy to use for residents. Using Security Deposit Alternative, onsite teams can:
- Offer a flexible solution – Select your alternative provider and link to their site or a co-branded landing page.
- Remain compliant – Easily turn this feature on or leave it off on a property level.
- Stay in the driver’s seat – Let residents know the type of security deposit alternatives your community accepts (and which it doesn’t).
- Clear instructions for residents – Add custom instructions to let residents know how to share their proof of security deposit alternative with your team.
Our new feature for highlighting a preferred security deposit alternative allows onsite teams to easily offer residents choice and detailed instructions to keep move-ins on track.
Click here to learn how to use the new security deposit alternative feature.