Thursday, January 31, 2013
A Sure Deposit is different from a traditional deposit. In a traditional deposit, you pay a certain amount, set by the apartment complex, based on the size of your apartment. For example, let's say you pay $200 for a one bedroom, $500 for a two bedroom, etc. But what happens if you don't have enough money saved up to pay that deposit? That's where Sure Deposit comes in.
In today's economy, many people don't have the savings to pay for a deposit on a new apartment. With a Sure Deposit, you pay a fee to the company Sure Deposit, $87.50 for a one bedroom, $131.25 for a two bedroom, etc. At the end of the lease, you do not get that fee back, but if you know that you are going to leave that apartment in the best possible condition, just like you found it, then the Sure Deposit is a great option for you.
You will write a check out to Sure Deposit, Inc. for the fee and then at the end of your lease term, if your apartment is in tip top shape, everything is fine. But if you do leave that apartment damaged or you incur any type of penalty from the apartment complex, the Sure Deposit is going to pay the apartment community for up to $500 for those damages, but they're still going to come after you for the payment for those damages.
So this option might be really good for those who can take impeccable care of their apartment, but would not be the best option for someone who thinks they might have any damages at the end of the lease term.