More Renters Are Using Tools to Skip Security Deposits, but There’s a Catch

Renters are increasingly using third-party services to skip traditional security deposits when signing a lease. These services charge fees to provide an alternative to upfront costs, but the money paid will not be returned to tenants. This approach allows renters to avoid paying a large sum of money upfront, but they will not have the opportunity to recover any of the costs. The fees paid to these services are essentially non-refundable.

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