Do any of you have a non-refundable security FEE instead of deposits for your apartments?

 

We don’t but the place I am moving into does a monthly non refundable charge over a upfront refundable deposit. Depending on your screening you either pay $10 or $30 per month as a non refundable deposit.

We give a choice of a deposit or using Rhino which is around $8.00 a month.

We do it can range from $481 up to $962 depending on credit

If it’s non refundable, it’s a fee. Not a deposit. Deposit insinuates a return. If you have no intention on returning it, it’s a fee.

What's it for? It's not really a security deposit then, it's a fee.

We give applicants two options. They can either pay one month's rent for a full security deposit refund. Option two, they can pay a nonrefundable security wavier of a half month's rent.

That’s an interesting idea!

I find it useful. Most people choose based on what they can do financially at that time. If they can do the whole, they usually do

We offer full months rent as security deposit or purchase of a Jetty bond at a smaller fee.

We have a non-refundable administration fee of $175 with a standard security deposit of $500

Laws in our State changed so that pet deposits can only be used for pet damage, which is insane because we would have to do two separate deposit accountings per unit, determining the source of the damage, and very possibly refunding one and them owing on the other. Therefore we ended all pet deposits and charge a one time pet fee of the same amount instead.

Just be upfront with your residence whether the deposit or the non-refundable fee is refundable in any form or manner.

We just started using Jetty which offers people the option of paying a non refundable fee based on their credit in lieu of a traditional refundable deposit. It’s been great. The best part is Jetty still covers the property up to the amount they applied for so you just make sure they apply for the amount of deposit they were approved with.

My current property did before my management company took over. We currently use Rhino as an alternative to traditional deposits instead

We do a standard deposit plus non refundable approval fee depending on credit score.

We have both pooled solutions and insurance solutions at RealPage. Great ancillary income and alternate options to stay competitive

Yup! Non refundable security deposit substitution fee for everyone and for those approved with conditions deposit fee plus traditional security deposit.

Yes! Leap partners with owners/operators to help them get out of having to administer deposits. We charge a monthly fee, and insure the entire deposit for you so you still have the coverage, but resident doesn't have high move-in costs. It's a win/win! If you have questions about how it works, let me know! Some cities actually REQUIRE this, while some don't allow it at all, so I can help you understand your state's requirements, too!

Stop calling it a deposit if it isn’t refundable.

We do a non-refundable move-in fee of $200. Beem doing it 3 years, I'd say it depends on your market. We do also charge a deposit for condition screening fully approved move in fee only

We do for pets. $300 non-refundable fee at move in.