SureDeposit's Security Deposit Alternative Can Offset Rising Moving Costs for Apartment Renters

Share Article

More than 50% of renters say they have already spent or anticipate spending more money on their moving costs this year as compared to years past (according to a recent Apartments.com survey). To relieve some of this burden, security deposit alternatives such as SureDeposit can help offset these escalating moving costs in today's tough economy. Security deposit alternatives, most often found in the form of a surety bond, help residents lower their move-in costs because the non-refundable bond premium equals a fraction of the cash outlay of a traditional security deposit.

The cost of food and gasoline continues to rise, and escalating moving costs only add insult to injury

More than 50% of renters say they have already spent or anticipate spending more money on their moving costs this year as compared to years past (according to a recent Apartments.com survey). To relieve some of this burden, security deposit alternatives such as SureDeposit (http://www.suredeposit.com) can help offset these escalating moving costs in today's tough economy.

"The cost of food and gasoline continues to rise, and escalating moving costs only add insult to injury," noted Richard Schreiber, president of SureDeposit, the nation's leading provider of security deposit alternatives to the multifamily industry. "This, coupled with the fact that more renters plan to move to another apartment this year, underscores the real need to help people reduce their cash outlay at moving time. This is especially true in today's wobbly economy that has so many people tightening their belts."

According to a January 2008 Apartments.com survey, two key factors driving 55% of renters to move this year are relocating for a job and reducing the cost of rent.    

Security deposit alternatives, most often found in the form of a surety bond, help residents lower their move-in costs because the non-refundable bond premium equals a fraction of the cash outlay of a traditional security deposit. For example, for $500 worth of coverage for the community, the resident need only pay an $87.50 premium to SureDeposit for the security deposit alternative. For $1,000 of coverage, the resident would pay a $175 premium. By freeing up cash that might otherwise have been tied up for the duration of their lease term with a refundable security deposit, security deposit alternatives such as SureDeposit can help residents reduce their move-in expenses and find better uses for their money when they need it most.

"Testimony to the allure of the lower move-in costs associated with our program is that nearly 80% of incoming residents choose SureDeposit, when offered the opportunity, versus paying the traditional security deposit," Schreiber noted.

"In addition, owners and property managers are successfully offering SureDeposit as a resident retention tool by returning a resident's original security deposit and allowing him to pay the less expensive surety bond premium to SureDeposit instead. For the resident who chooses to renew his lease rather than move to another property, that is just like 'found money'," Schreiber noted.

About SureDeposit

SureDeposit's surety bond enhances a property owner's risk management while dramatically lowering a resident's move-in costs. With more than one million units in nearly 3,300 communities under agreement, SureDeposit is the nation's leading provider of alternatives to refundable security deposits for the multifamily industry. Founded in 2000, SureDeposit is headquartered in Livingston, New Jersey, and has regional offices in Arizona, California, Florida, Georgia, Indiana, Maryland, Nevada, Rhode Island and Texas.

For more information, call 1-800-531-SURE (7873), or visit online at http://www.suredeposit.com.

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Nina Dietrich

Richard Schreiber
Visit website

Media