Zero Deposit is a true lease insurance that replaces traditional security and pet deposits with a small monthly fee charged to the tenants starting at $25/mo. It provides significant benefits to both property managers and residents.
You can attend our next Zero Deposit training by visiting the Weekly Events space in the Aptly Community.
Benefits of Zero Deposit
Property Managers
- Attract more tenants
- Less admin burden
- Minimize vacancy periods
Residents
- Lower upfront costs
- More financial flexibility
- Easier move in process
How Does Zero Deposit Work?
If a resident qualifies for Zero Deposit, they’ll be covered for a range of damages to the property up to 1.5x the rent rate (max rent is $6,666.00).
Resident Qualifications
- The entire household must make 2x the rent
- Must be screened through Aptly Screening
What’s Covered?
- Unpaid Rent
- Eviction Fees
- Above Normal Wear
How Do I Promote Zero Deposit?
- Update your website to show that you offer Zero Deposit to save costs
- Update any Chatbot scripts that you have to ensure the process is documented
- Update your unit amenities to showcase Zero Deposit as an amenity
How Am I Billed for Zero Deposit?
- Aptly will bill your account monthly for any activated Zero Deposit Policies based on acceptd applicants who have moved in.
- You are responsible for billing your renters monthly for their Zero Deposit fees. It should be added to their ledger. This can also be done using Lease Packages in Aptly.
- You have the ability to mark up the Zero Deposit monthly fee by $2.