Security Deposit Alternatives

Sign more leases in less time

Move In Residents. Move Out Risk.

Alternatives to cash deposits are increasingly becoming part of the property management landscape. Even before COVID-19, traditional security deposits were often a financial burden for residents that deterred them from signing a lease. But, for property managers, offering a deposit alternative that lowers resident move-in costs hasn't always been hassle-free. 

Thankfully, not all security deposit alternatives are created equal. At Assurant, we created a suite of deposit solutions that helps you lower move-in costs for residents, easily manage your deposits online and quickly collect resident-owed balances when a renter moves out. Whether you're responding to new state and municipal requirements to offer cash deposit alternatives or you're focused on making your properties more competitive, we can help.

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The #1

concern for property managers right now is decreasing bad debt

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The #2

renter concern around moving is how to manage increasing costs

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71%

of renters think a surety bond should be offered as a deposit alternative

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2 Minutes

for residents to enroll in Assurant FlexDeposit online

FlexDeposit

Lower Move-In Costs

A nationwide Assurant study found that renters rank lower move-in costs as one of their top two priorities when it comes to choosing a new rental. And 71% believe it's important for a surety bond alternative to be offered during the leasing process. With Assurant's FlexDeposit surety bond, you get the same property coverage as a traditional deposit while your residents get lower upfront move-in costs. So, whether you're dealing with an younger, up-and-comer renter or a renter looking to downsize, you can increase your occupancy without sacrificing your protection.
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FlexDeposit Key Features:

  • Proprietary, risk-based algorithm reduces your risk while offering residents favorable rates
  • Guaranteed pre-approval of all your residents for a faster move-in experience
  • Paperless enrollment in less than 2 minutes
  • Guaranteed coverage up to the bond amount
  • Quick, online payments from any device

 

Integrated Collections

Decrease Your Risk Exposure

Lowering move-in costs for your residents shouldn't put you at more risk. That's why FlexDeposit is the only deposit alternative on the market that provides integrated collections when a resident moves out. Whether it's wear and tear from pets or a resident who paints your walls, we've got you covered.
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Features of Integrated Collections:

  • ACA-certified recovery experts handle collections quickly and efficiently
  • Strict compliance with all federal, state, city and municipal laws
  • In-house, highly trained recovery specialists licensed in all 50 states
  • A comprehensive portfolio listing for all your properties
  • Online dashboard of paid and unpaid accounts going back 6 years
  • You don't pay until you get paid
  • No additional cost to you

Deposify

Manage Deposits Quickly and Easily

Remove the burdens of deposits with technology that handles regulations for you. Our partner Deposify simplifies the process with industry-first financial technology. By creating joint accounts between you and your tenants, you don’t have to worry about legal or bank fees.
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Deposify Key Features:

  • Online portal for deposit enrollment, processing and management
  • Ability for your team to manage transactions, history and reports easily through an online dashboard
  • Ability for residents to manage their deposit online and redeem the value at move-out quickly
  • Eliminates the need for your team to manage cash or check deposits
  • Resolve disputes with technology-enabled mediation services
  • Guaranteed state-by-state compliance automatically

Multifamily Housing Industry Insights from Assurant Experts

Apartment buildings with balconies surrounding a terrace

New Deposit Legislation & How it Impacts You

As the new renter's choice law and ordinances pick up steam from state to state across the country, find out what to expect in your areas.

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5 Types of Renters You Meet

We conducted nationwide research to help you match prospective renters with the amenities and selling points that make your property their most attractive option.

Get More Info on Deposit Solutions

Reduce risk and improve profitability.
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