Rental residences that do not require an upfront security deposit, and are geographically convenient to the searcher, represent a growing segment of the housing market. This type of arrangement aims to lower the initial financial barrier to entry for prospective tenants. An example would be a listing for an apartment available without the customary one or two months’ rent required as a deposit, within a reasonable distance of the individual’s current location.
The absence of a traditional security deposit offers several advantages. It alleviates the significant financial strain often associated with moving. This accessibility can be particularly beneficial for individuals or families with limited savings or those relocating on short notice. Historically, large security deposits have been a barrier to housing access, disproportionately affecting lower-income individuals and families. This alternative model seeks to address that inequity.
