Security Deposit Alternative

As an amenity to our tenants, we partnered with Obligo to let qualified new renters skip paying a cash security deposit at move-in.

Before paying for a security deposit after a lease has been signed, tenants have the option to get approved seamlessly as they log into their new Tenant Portal to make their first rent and deposit payments.

Obligo charges a fee for their service (a small percentage of your rental’s deposit requirement), and you keep your cash to invest, save, travel, or spend!

To live deposit-free, our tenants simply provide a payment method through the integrated Obligo platform as they log in and make their initial move in payments. If there are damages or missed rent at the end of the lease, the property manager will be authorized to charge this payment method - up to the stated amount of security requirement - and you will be billed by Obligo.

Obligo is not an insurance product. You’re still accountable for any charges, but Obligo does offer the ability to repay charges in interest-free installments. Like a traditional deposit, you also maintain the right to dispute charges directly with your property manager.

Questions? Contact Obligo at support@myobligo.com.

Qualifying for deposit-free living with Obligo is a breeze! Obligo looks for cash balances in an applicants bank accounts to qualify, or a soft credit check if necessary.

They provide easy options to qualify in-app:

- With a US bank account, checking or savings, connected with Open Banking

- With two cards and a soft credit check

In some cases, Obligo may run a soft credit check to qualify residents for deposit-free living. The inquiry might appear on your credit report, but it won't impact your credit score.

With a traditional deposit, residents pay a large sum in advance, before there’s any actual reason for charging such an amount. With Obligo, residents only pay for damages or missed rent if your property submits a charge at move-out.
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It’s similar to a traditional deposit in that:

It gives you incentive to take good care of your apartment, because you’re still accountable if there are damage or missed rent charges.

It preserves your property manager's ability to get cash instantly, as soon as a charge is submitted, as if they had a cash deposit.

It preserves your right to dispute charges directly with your property or via a small claims court.