Tenant paid alternative to traditional security deposit-provides 6 weeks of protection for landlords.
RentSense Deposit Plus+
Rent Sense Deposit Plus+ is a security deposit alternative. Rather than collecting a security deposit, which can vary from 1 to 2 months of rent (depending on the state) held in a trust account, the property owner or manager replaces the normal "cash held" security deposit with an insurance product that provides 6 weeks of protection against rental payment default. Built into this coverage, is a $500 sub-limit for tenant damages.
The coverage is paid by the tenant, which gives them an opportunity for a great apartment with less money out of their pocket. For the property owner, there is greater protection than a traditional security deposit, at no cost, and, by charging an application fee per unit per year to implement the coverage, an incremental revenue stream is generated.
Additional coverage can be purchased for extra protection on physical damage.
RentSense Deposit Plus+ creatively affords risk-free added coverage for property owners/managers.
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