{"id":14184,"date":"2020-10-21T16:55:03","date_gmt":"2020-10-21T23:55:03","guid":{"rendered":"https:\/\/www.rentecdirect.com\/blog\/?p=14184"},"modified":"2020-10-22T10:52:34","modified_gmt":"2020-10-22T17:52:34","slug":"security-deposit-renters-choice-legislation","status":"publish","type":"post","link":"https:\/\/www.rentecdirect.com\/blog\/security-deposit-renters-choice-legislation\/","title":{"rendered":"Trending Security Deposit Flexibility and Renters Choice Legislation"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-14187\" src=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/10\/Trending-Security-Deposit-Flexibility-and-Renters-Choice-Legislation.jpg\" alt=\"Trending Security Deposit Flexibility and Renters Choice Legislation\" width=\"950\" height=\"558\" srcset=\"https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/10\/Trending-Security-Deposit-Flexibility-and-Renters-Choice-Legislation.jpg 950w, https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/10\/Trending-Security-Deposit-Flexibility-and-Renters-Choice-Legislation-300x176.jpg 300w, https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/10\/Trending-Security-Deposit-Flexibility-and-Renters-Choice-Legislation-600x352.jpg 600w, https:\/\/www.rentecdirect.com\/blog\/wp-content\/uploads\/2020\/10\/Trending-Security-Deposit-Flexibility-and-Renters-Choice-Legislation-768x451.jpg 768w\" sizes=\"(max-width: 950px) 100vw, 950px\" \/><\/p>\n<p>Renters choice of housing is only as accessible as there is access to the costs associated with moving. Legislation is changing regarding security deposits from requiring payment options to allowing those deposits to be used towards rent.<\/p>\n<p>Learn about these localized legislative changes. This eye-opener can poise landlords to be early adopters of these options before they become mainstream.<\/p>\n<h2><span style=\"font-weight: 400;\">In This Article<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Renters are on the move in search of affordable housing and job opportunities.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/rentalhousingjournal.com\/legislation-may-require-landlords-to-accept-security-deposit-insurance-in-lieu-of-cash-deposits\/#:~:text=Nationally%2C%20security%20deposits%20are%20tying%20up%20over%20%2445%20billion.\" target=\"_blank\" rel=\"noopener noreferrer\">$45 billion is tied up in security deposits<\/a> leaving renters unable to make housing choices.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.naahq.org\/news-publications\/security-deposits-see-renewed-legislative-focus\" target=\"_blank\" rel=\"noopener noreferrer\">New security deposit legislation<\/a> slowly making waves across the country.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Landlords can be a catalyst for helping renters make the move by implementing creative security deposit options.\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Renter\u2019s Plight<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Based on one study in 2019, the Rental Housing Journal reported that half of renters weren\u2019t able to afford a security deposit and <\/span><a href=\"https:\/\/rentalhousingjournal.com\/rental-housing-deposit-alternatives-drive-more-leases-survey-says\/\"><span style=\"font-weight: 400;\">rental housing deposit alternatives drive more leases<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fast forward to 2020, the pandemic issued in the popularity (and necessity) to work from home for a portion of the population. For others, it created a serious need to search for new employment opportunities and more affordable housing. Coupled together, it is creating a tsunami of renters on the move for those that can afford the expense.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sadly, for many needing to make a move for those better opportunities they just can\u2019t as most of their life savings are tied up in a security deposit at their current rental. The funds are trapped and for all intents and purposes, so are those renters. <\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Rental Housing Deposit Alternatives<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In addition to coming up with the first month\u2019s rent, traditional security deposit requirements ask prospective tenants to pay anywhere from one to three times the rent amount. Some are also asked for last month\u2019s rent up front as well as other fees such as key and pet deposits.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That bundle of money is difficult to come by in normal conditions but COVID has left many with difficulty making ends meet making saving for a move nearly impossible.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Enter rental housing deposit alternatives to the rescue! Those alternatives include:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Deposit Payment Installment Plans<br \/>\n<\/span><span style=\"font-weight: 400;\">&#8211; Security Deposit Insurance<br \/>\n<\/span><span style=\"font-weight: 400;\">&#8211; Renter Flexibility<br \/>\n<\/span><span style=\"font-weight: 400;\">&#8211; Renters Choice\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Installment Payments for Move-In Costs<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Sometimes a potential tenant just needs a little time to meet the financial move-in obligations. As they wait for their previous landlord to release their deposit back to them, an installment plan from the new landlord could help bridge that gap.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are many different payment plan arrangements that could be devised such as:\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Divide the security deposit into 12 equal installments.<\/span><\/li>\n<li>Break payments into bi-weekly installments.<\/li>\n<li>Require half down and the remaining installments due within the first three months.<\/li>\n<li>Divide the deposit into three equal installments.<\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Insurance for Security Deposits<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Specialty insurance providers are sprouting up offering landlords the ability to offer the tenants the option to purchase a security deposit insurance policy. Just like a traditional security deposit, it covers physical damage, lost rent, and unpaid fees but not normal wear and tear. In lieu of the landlord holding funds to cover those expenses, they would submit an insurance claim after a failed attempt to recover from the tenant.\u00a0<\/span><\/p>\n<p><strong>Pros\u00a0<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Many policies cover multiple months of unpaid rent.\u00a0 <\/span><\/li>\n<li><span style=\"font-weight: 400;\">Eliminates the need for landlords to hold deposit funds or deal with applying and paying out interest on those held funds when required.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><strong>Cons<\/strong><br \/>\n<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Long term renter could be paying much more in total premiums than the initial SD.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Each claim is evaluated at the time of loss to determine coverage and not necessarily guaranteed.\u00a0<\/span><\/li>\n<\/ul>\n<p><strong>Security Deposit Insurance Carriers<br \/>\n<\/strong><span style=\"font-weight: 400;\">This curated list of security deposit insurance providers can help landlords and property managers start their research to see if this option makes sense for helping their potential tenants make the move. This list is in alphabetical order and is not an endorsement for any one provider.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.epremiuminsurance.com\/Security-Deposit-Insurance\/WhatIsSecurityDepositInsurance.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">ePremium<\/a><br \/>\n<\/span><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.jetty.com\/property-management\/security-deposit\/\" target=\"_blank\" rel=\"noopener noreferrer\">Jetty<\/a><br \/>\n<\/span><span style=\"font-weight: 400;\"><a href=\"https:\/\/myobligo.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Obligo<\/a><br \/>\n<\/span><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.sayrhino.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Rhino<\/a><br \/>\n<\/span><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.suredeposit.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">SureDeposit<\/a><br \/>\n<\/span><a href=\"https:\/\/www.theguarantors.com\/blog\/tag\/security-deposit-replacement\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">TheGuarantors<\/span><\/a><\/p>\n<blockquote><p><em><span style=\"font-weight: 400;\">Renters Choice: Offering new tenants options to meet the security deposit obligation opens up housing choices for those unable to move due to financial restraints.\u00a0<\/span><\/em><\/p><\/blockquote>\n<h2><span style=\"font-weight: 400;\">Renters Choice Explained<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Above we mentioned renters choice as an alternative to a traditional security deposit. What exactly is renter\u2019s choice? Does this mean the renter gets to choose how to pay a deposit?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Renter\u2019s choice is a misnomer. The term means the landlord offers different security deposit payment options, which in turn allows the renter to now have more housing choices available to them.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Landlord\u2019s choice is also a confusing phrase. Many landlords made the choice independently to offer renters security deposit payment options. But in some areas, although the landlord may choose the options to offer, they are required to create options. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cincinnati made a bold move towards equality in <\/span><span style=\"font-weight: 400;\">housing choice back in January 2020 as <\/span><a href=\"https:\/\/www.nbcnews.com\/news\/us-news\/cincinnati-passes-bill-giving-renters-alternatives-security-deposits-n1120796\"><span style=\"font-weight: 400;\">the first city in the nation to adopt renters choice legislation<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><span style=\"font-weight: 400;\">Within that legislation, landlords choice is the term used to explain that a landlord now must offer new tenants choices for meeting the security deposit obligation:\u00a0\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Pay the security deposit upfront or,<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Require a security deposit insurance policy or,<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Pay the deposit in installments.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Seattle followed suit in to <\/span><a href=\"https:\/\/www.seattle.gov\/sdci\/codes\/common-code-questions\/move-in-charges\"><span style=\"font-weight: 400;\">require landlords to offer security deposit installment plans<\/span><\/a><span style=\"font-weight: 400;\">. Those <\/span><a href=\"http:\/\/lawfilesext.leg.wa.gov\/biennium\/2019-20\/Pdf\/Bills\/Session%20Laws\/House\/1694.SL.pdf?cite=2020%20c%20169%20%C2%A7%203\"><span style=\"font-weight: 400;\">ordinances went into effect in June.<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Landlord\u2019s Choice | Regulation or Option<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Unlike Seattle and Cincinnati, although not <\/span><i><span style=\"font-weight: 400;\">required <\/span><\/i><span style=\"font-weight: 400;\">to offer a choice, Virginia regulations were amended in April and now state a landlord may permit a tenant to provide <\/span><a href=\"https:\/\/lis.virginia.gov\/cgi-bin\/legp604.exe?201+ful+CHAP0998\"><span style=\"font-weight: 400;\">damage insurance coverage in lieu of the payment of a security deposit<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regulations are constantly updated to meet the current climate so it is of utmost importance to check your state and local laws and statutes to keep current and follow all regulations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">NOLO offers some great information to help you keep current with those updates:<\/span><\/p>\n<ul>\n<li><a href=\"https:\/\/www.nolo.com\/legal-encyclopedia\/chart-security-deposit-limits-state-29020.html\"><span style=\"font-weight: 400;\">Security Deposit Limits by State<\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.nolo.com\/legal-encyclopedia\/state-security-deposit-statutes.html\"><span style=\"font-weight: 400;\">State Security Deposit Statutes<\/span><\/a><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">After researching, if there are no formal requirements, consider creating security deposit alternative payment options for your new tenants.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Landlords may find that offering these alternatives may help fill vacancies faster while giving tenants the opportunity to move to a location and home that meets their needs and budget; a true win-win for all.\u00a0<\/span><\/p>\n<hr \/>\n<h3><b>RELATED READING FOR YOU:<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.rentecdirect.com\/blog\/tenant-turnover-revenue-recovery\/\">Overcoming Lost Revenue During Tenant Turnover<\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.rentecdirect.com\/blog\/the-move-out-process\/\">Tenant Turnover | The Move-Out Process<\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.rentecdirect.com\/blog\/tenant-resources-help-with-rent-and-other-financial-assistance\/\">Tenant Resources | Help with Rent and Other Financial Assistance<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Renters choice of housing is only as accessible as there is access to the costs associated with moving. Legislation is changing regarding security deposits from requiring payment options to allowing those deposits to be used towards rent. Learn about these localized legislative changes. This eye-opener can poise landlords to be early adopters of these options [&hellip;]<\/p>\n","protected":false},"author":69,"featured_media":14187,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":true,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"iawp_total_views":2,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14497,275,13882,13881],"tags":[16076,16075,230],"class_list":["post-14184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-covid-19","category-education","category-landlord-tips","category-property-management-tips","tag-deposit-insurance","tag-renters-choice","tag-security-deposit","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Trending Security Deposit Flexibility and Renters Choice Legislation<\/title>\n<meta name=\"description\" content=\"Renters choice of housing is only as accessible as there is access to the costs associated with moving. 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