New technologies allow multifamily owners to eliminate the needfor security deposits—but why should they? According to LeaseLock,which offers a Zero Deposit program, eliminating security depositshas big benefits for both owners and renters. The benefit forrenters is pretty self-evident: it decreases move-in costs. Forowners, however, can accelerate the leasing cycle and increaseoccupancy rates.

“For apartment owners, eliminating security deposits has provento accelerate the leasing cycle. Operators are experiencing anincrease in lead traffic anywhere from 10-20 more leads per week onproperties marketed as Zero Deposit. Those leads are converting toleases, on average, two-and-a-half days faster with LeaseLock inplace,” Reichen Kuhl, CEO for LeaseLock, tellsGlobeSt.com. “Additionally, occupancy rates are increasing asrenters are moving into their apartment homes 10 days sooner asthey are no longer having to wait for an additional paycheck to payany move-in fees. LeaseLock also slashes the high administrativecosts of dealing with security deposit refunds and offers greatercoverage in the instance of vacancy loss due to a resident skip orany other bad debt.”