Under SureDeposit's surety bond guarantees program, residents pay a one-time non-refundable premium based on a variable percentage of the standard deposit. The bond covers the lifetime residency, and if any damages or lease violations occur, owners file their claims with SureDeposit for reimbursement. The firm also reimburses property owners and management companies for the cost of dispensing the program throughout their portfolio.
"This is an ideal time for the multifamily industry to take a closer look at an alternative to traditional security deposits," asserts Kaliades, who is a former All-American football star at Columbia. "Energy costs and property taxes, for example, continue to move upward, putting more financial pressures on the industry."
Under Kaliades, SureDeposit is taking a two-track approach. Besides targeting the country's biggest apartment owners and managers, "we will continue to infiltrate regional multifamily markets."
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