Rent your units faster + protect your property

Standby Deposits make your units more attractive to tenants by eliminating the need for a cash security deposit. You are still protected in exactly the same way as before - with immediate access to cash to cover anything a security deposit would cover

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Benefits

A better way to handle deposits

Lower your vacancy
Properties using Standby Deposits rent their units faster - meaning less empty units
Increase your NOI
With lower vaccancy, administrative fees and a stronger market position - generate more revenue from your rental units
The same protection
A Standby Deposit provides the exact same protection as a cash security deposit - with cash available on demand
Standby Deposits

Like a normal deposit - without all the hassle

Exactle the same protection as a cash deposit - without all the hassle of administering i

Access to cash on demand if a deposit needs to be used
No checks to return to residents at the end of a lease
Faster move-in and close-out
How it works

How do Standby Deposits work?

1

Sign up your residents

Register individual move-ins or bulk upload your entire rent roll. We’ll contact your residents and finalize the process
2

We run a few check

Verify their identity and check their credit
3

Move in your residents

You are protected by a Standby Deposit from day one
How it works

What happens when residents move out?

1

The lease ends

The resident moves out
2

Walk through the apartment

Check for damage, unpaid rent or bills
3

Use the deposit if needed

If there is damage, unpaid rent or unpaid bills - use the Standby Deposit and cash will be transferred into your bank account. If the deposit isn’t needed - you just cancel it
eligibility and terms

All you need to know

Standby Deposits
The details
Resident Eligability
Everyone is eligible
The price is based the residents credit history
Most residents will pay around $4 per $1,000
Terms:
They’re funds that belong to you
A Standby Deposit is used in the exact same way as a cash deposit
No claims process - Standby doesn’t get involved
The tenant is still responsible for repaying us a used deposit
Terms:
Landlord agrees not to request a cash deposit
Instead a Standby Deposit is accepted
Standby Deposit provides exact same protection
No cash is held by landlord but cash is available on demand
Close-out terms:
A Standby Deposit is to be used exactly like a cash deposit
No claims process. Paid on demand
Landlord is liable to follow laws exactly as if they had used a cash deposit
Disputes solved in same forum as cash deposit disputes

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The deposit replacement based on credit
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