We’re excited to announce that we’ve been working on some major improvements to our Security Deposit Replacement product offering. If you’re interested in finding out more, read on! Let’s start from the beginning:
The aim of our security deposit replacement product is to modernize the way landlords and tenants deal with security deposits. Shifting away from the old way of paying the traditional deposit, renters can pay a small fee to cover any damages due to lost rent. For the landlord, this means you can fill vacancies faster, without compromising on protection or offering too many incentives. Renters pay a low one-time or monthly fee and eliminate the need for a security deposit while living in your community. It’s a win-win-win for everyone involved.
Our security deposit replacement has been very successful in helping property managers get more leases signed. One renter we spoke to recently said “I couldn't have dreamed of moving into a nice place like this before I knew about the security deposit replacement.” Despite the success, there was one problem left to solve: annual renewals of security deposit coverage. In fact, there is legislation in several local and state wide locations that makes such renewals cumbersome:
We’re thrilled to announce that we’ve made our deposit replacement last as long as a resident lives in your community - they can even switch apartments within a community without paying a renewal fee! All Deposit Coverage provided by TheGuarantors moving forward will cover the tenant for the life of their tenancy. That’s right: no renewals, no having to worry about juggling local laws, and you can keep providing options to tenants. It’s the same great coverage with a better process.
We’re rolling it out nationwide as quickly as we can. We are currently live in the following states:
With the rest of the United States to follow in 2022. We hope you’re excited about the changes. We know your renters will be!
Interested in learning more about the changes or offering our products to your renters? Contact us!