SECURITY DEPOSITS: YOU HAVE OPTIONS!
Congratulations on finding your new home! We are excited to have you join us.
From security deposit payment options to due dates, this page walks you through all the important details, so you feel confident and informed about the process.
How much is the security deposit?
Typically, the security deposit amount is equal to either one, one and a half, or two month’s rent. The exact amount will depend on several factors including monthly rent rate, credit history, and verifiable income. Your Leasing Specialist provides the exact payment amount due at lease signing. Payment will be due prior to your move in date and details can be found here.
When is the security deposit due?
Your security deposit is due seven (7) days prior to your move-in date along with your other move-in costs. If you’re moving into the home or paying move-in costs within seven (7) days of your move-in date, move-in costs need to be paid by certified funds like cashier’s checks or money order and overnighted to 7500 N. Dobson Rd. Suite 300, Scottsdale, AZ 85256. For more information on making your first payment, please visit this page.
Security deposit payment options (Available in Select Markets)
Pay in Full
Pay the full deposit upfront prior to moving in.
Pay in 3
Split up the cost of your security deposit over 3 monthly payments.*
Pay in 6
Split up the cost of your security deposit over 6 monthly payments.*
Avoid the security deposit altogether by paying a $42 monthly waiver fee.**
*First payment installment is due with move-in funds then spread over the following 2 or 5 months. This option is currently available in Atlanta Georgia, Columbus Ohio, and other select participating communities.
**The Zero Deposit™️ Program is currently available in Atlanta Georgia, Columbus Ohio, and other select participating communities. The Zero Deposit option will require you to pay for fees and costs on your final bill for any damages the home incurs that goes beyond normal wear and tear and as further detailed in the lease.
Which payment option is best for you?
To help you decide which option best fits your needs, let’s look at a scenario with a security deposit amount of $2,150.
To take advantage of these options, simply select the security deposit payment option you prefer when you apply to lease one of our homes.
Is the Zero Deposit™ Program right for you?
If keeping up-front costs low is important to you and you excel at taking great care of the home, perhaps the Zero Deposit™ program Is the best option for you. Zero Deposit™ allows you to move into a home without putting down a traditional security deposit, giving you a more affordable move-in. Instead, you pay a monthly fee of $42 for the duration of your lease.
It’s important to remember that the monthly fee is non-refundable and will not go toward any potential move-out costs. Maintaining the home is especially important with the Zero Deposit™ program for that reason.
Maximizing your security deposit refund
Over the course of your time in the home, normal wear-and-tear is expected, but anything above that will result in repair costs at the end of your lease. In that case, your security deposit helps cover the cost of needed repairs and/or maintenance. If extensive repairs are needed that cost more than your security deposit, those costs will be included in your final bill.
The best way to avoid all that is to do your best to keep the home in good condition. To maximize your security deposit refund, we recommend following this general home maintenance schedule and keeping a few products on hand to make up-keep as simple as possible.
Still have questions?
Here are answers to some common questions about the Security Deposit payment options:
Are the security deposit payment options available to everyone?
Currently the security deposit payment options are only available on homes in the Atlanta, Georgia, and Columbus, Ohio metro areas.
Are there fees/interest?
There are no additional fees for the Pay in Full, Pay in 3, or Pay in 6 options. The Zero Deposit™ option requires a nonrefundable monthly $42 fee and will require you to pay for any damages or issues with the home that go beyond normal wear and tear.
Does the monthly payment for the Zero Deposit™ option go toward move-out costs?
No. The monthly $42 fee for the Zero Deposit™ option is a non-refundable fee and does not go toward move-out costs.
How do I select my preferred security deposit payment plan option?
During the application process, you’ll have the opportunity to select the security deposit payment plan option that works best for you.
Can I change the day my installment is due?
No, security deposit payments will be included in your monthly account statement with Progress and will be due on the 1st of each month.
What happens if I miss a security deposit payment?
Security deposit payments will be included in your monthly account statement with Progress and will be due on the 1st of each month. Late fees and other adverse actions may be incurred for incomplete payments, but please refer to your lease agreement for more specific information.
Will a payment plan affect my credit?
No. These payment options are not considered a line of credit and are not reported to credit bureaus.
What is required regarding payment before I move into the property?
If you select the Pay in Full option, the full security deposit amount must be paid before you can move into the home. For all other security deposit payment options, the first month’s payment and security deposit installment need to be made prior to moving in.