ResidentShield Deposit uses surety bonds to replace cash deposits, making move-in more affordable for renters and mitigating risk for property owners and managers
SANTA BARBARA, Calif., May 13, 2019 — Yardi® now offers ResidentShield® Deposit, an alternative to costly security deposits that benefits residents as well as property owners and managers. ResidentShield Deposit utilizes surety bonds to meet the requirements of security deposits, requiring less money up front from new renters.
While traditional security deposits can range from one to three times the monthly rent, ResidentShield Deposit surety bonds allow residents to move in for a fraction of that cost. Renters pay a one-time, non-refundable bond premium and ResidentShield Deposit acts as a third-party guarantor up to the limit of the bond amount.
Many property managers find that offering an alternative to costly security deposits gives them an advantage in competitive rental markets. It also relieves the work of administrating escrow accounts and eliminates processing deposit refund checks.
“By removing the burden of a big security deposit, ResidentShield Deposit can help property managers fill vacancies faster with quality renters who need an affordable path to residency. Renters are happy to keep more of their hard-earned money in their pockets, and property managers gain peace of mind knowing their properties are protected,” said Fritz Schindelbeck, senior vice president of ancillary services at Yardi.
Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, California, and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.