The world of renting has changed dramatically in recent years. Deposit free renting was once a dream, but it’s now an option for both landlords and tenants alike. In this post I'm going to look at what deposit free renting is and how it works, as well as the new ZeroDeposit Program that is changing the way we think about security deposits in general.
The Downsides of Security Deposits
Security deposits are non-refundable. If you have a security deposit, it's difficult to get back your money if you move out of the apartment on time and clean up after yourself. If you leave an apartment in good condition, then the landlord can keep your security deposit as payment for damages or cleaning costs that were not covered by insurance or other means (like an appliance repair).
You may be required to pay a higher rent than what's listed on Zillow or Trulia because landlords use this fee as leverage against tenants who fall behind on rent payments by threatening them with eviction if they don't pay up immediately--and sometimes even if they do! The only way around this is by having a lease agreement written into law (which many states don't allow), so always be wary of landlords who want these additional charges added onto their monthly payments because chances are high that they're just trying get more money out of their tenants without giving anything back in return!
Deposit Free Renting
Deposit free renting is a new way to rent an apartment, where you pay no upfront deposit. Instead of paying a security deposit, you pay for the first month's rent rent up front but do not pay the traditional security deposit. The tenant may pay the security deposit over the next 12 to 24 months in installments. While this may sound like a great deal for tenants who want to live in nicer apartments without having to come up with thousands of dollars as a down payment, there are some cons that landlords should consider when choosing whether or not they want to offer this option as part of their lease agreements.
Security Deposit Alternatives
- Find a landlord who will accept an alternative to a security deposit.
- What are the benefits of an alternative to a security deposit such as ZeroDeposit Program?
- What are the drawbacks of an alternative to a security deposit.
There are many alternative to security deposits when leasing an apartment.
There are many alternative to security deposits when leasing an apartment. Here is a list of some of the most popular ones:
- ZeroDeposit Program: Deposit-Free Technology Is Finally Here: When renting from Del Val Realty & Property Management you do not have to tie up your money in a traditional security deposit. The days of your security deposit money being locked away and collecting dust, are over! This program works with our partner at Obligo.com. You will receive an application from Obligo.com and provide your bank account information and credit card pre-authorization. Obligo.com will securely test your bank account and available credit to see if you qualify for our ZeroDeposit Program. This pre-authorization will be capped at your security deposit amount.
In conclusion, there are many alternative to security deposits when leasing an apartment.