DepositLending.com Also Works For Landlords!
- Attract more tenants to your property
- Enables you to increase amount of security deposit you receive
- Improved marketing on your property
- Win-Win for both you and the tenant
To start with, Why Do Landlords Take Deposits
Landlords, Property Managers and Associations usually require security deposits from tenants to compensate for:
- Damage beyond normal wear & tear
- Safeguard against missed payments
- Early terminations
- To have tenant keep properties to a higher level of occupancy Ø Mitigate potential losses
The Reality Of Security Deposits For Tenants
Tenants calculate what they can afford to pay in monthly rent based on their income, however while they expect to pay a security deposit of at least one month they are often suprised when they find out they often have to pay two deposits as well as the first and last months payment upfront on signing a lease. This is usually a huge challenge for them to find that money to pay immediately. Tenants are most often renting a property because they don’t have the funds to put down any substantial deposit required for a mortgage to purchase their own property.
For this reason it follows that finding the initial outlay required for security deposits will also be difficult, especially when deposit payments won’t be providing them any financial benefit. Ie. Increase on their own property value, interest, etc.
