Topic: Security Deposit Programs

There used to be a security deposit program that was like insurance for tenants who move out and owe money.

Are there any programs out there like this that is working?

I have one property with so many issues. We can't get good qualified tenants because of the neighborhood. We usually charge one month's rent, but but the time they are evicted in this area, they are owing 3 times the rent plus damages.

Thanks!

We use SureDeposit and we love it
www.suredeposit.com

Keep in mind, SureDeposit will only pay out what's been collected in premiums. For instance, you have $448.50 banked (5 people moved in and paid an $89.70 premium). Two people get evicted, trashes their apartment and moves out owing you $2500. Even though they both had a surety bond of $500 each, you won't get $1000.... you will get the $448.50 that you banked. You can still pursue collections through normal channels, but you won't get a full $1000 up front.

We just charge a month rent deposit. And residents will pay it, because they need a place to live. I should consider myself lucky. Our market has skyrocketed. We charge over $3 per square foot for 200 sf apartments and still have more applicants than we have apartments for.

We are currently working with ePremium Insurance and we love it (so do new tenants)! It enables their move in costs to be lower and we still receive the same protection (security deposit amount).