When property owners choose to charge a smaller security deposit, it’s important to understand the implications regarding rent protection. Here is what you need to know:
- Security Deposit Usage: The chosen amount will serve as the security for your third month of Guaranteed Rent in the rare event of extended delinquency at your property.
- Reduced Rent Protection: Opting for a smaller deposit means less coverage in the event of non-payment.
- Terms of Service: Section 2.6.3 (b) of our Terms of Service outlines that the security deposit satisfies your final Guaranteed Rent payment. You can review this section in your portal under the “Profile” tab.
This choice should be made with clear understanding of the reduced protection it entails.