Everyone seems to know that a deposit for an apartment is a sum of money that you have to put down before moving in. Generally it covers any damages that may occur to the property during the term of your lease. Depending on the number of bedrooms, the type of apartment, current specials, etc. the cash amount of the deposit can vary greatly.
More and more communities are now giving you a choice in the type of deposit you supply: A standard deposit or a Sure Deposit. A Sure Deposit can purchase allows you to purchase a bond that can potentially cover any damage in your apartment for a much lower fee than would be required for a standard deposit. It is a service provided by Sure Deposit Incorporated. For example, a standard deposit would go something like “$250 for a 1 bedroom” vs. a Sure Deposit “fee” (non-refundable) of $87.50 that allows you to purchase a $500 bond for your apartment. You pay this fee directly to Sure Deposit Incorporated.
To be clear, if you have damages in the apartment, the bond does not cover those damages over the amount of the bond. In the example above, Sure Deposit would pay the apartment community, the full amount of damages up to $500, however they WILL also come after you for the FULL amount they pay the apartment.
They system is designed to allow renters not to have to come up with so much upfront cash. You as a renter know how you live and need to decide what suits you. If you have more questions about how Sure Deposit works or you want to know which Austin apartments are going in this direction, give us a call!