GEM Realty’s Security Deposit Options

Security Deposit Waiver Fee Program FAQs

• Are the security deposit payment options available to everyone?

  The security deposit deposit waiver option is available to all approved applicants and fees are based on the application scoring criteria.

• Are there fees or interest?

  There are no additional fees or interest for the standard security deposit option. The Deposit Waiver option requires payment of a non-refundable one-time start-up fee and a non-refundable monthly charge. There is no interest charged on the Security Deposit Waiver payments.

• Is the monthly payment for the Deposit Waiver option the same for everyone?

  The monthly payment amount varies by application scoring.

• How do I select my preferred option?

  During the application process, you will see a checkbox for the Security Deposit Waiver option. By clicking the checkbox, you are opting into the program. If you wish to pay your security deposit upfront, then do not check the Deposit Waiver checkbox on your application.

• What is required regarding payment before I move into the property?

  If you choose the standard security deposit option, the full security deposit amount must be paid in full before moving into the home. If you choose the Security Deposit Waiver option, then the initial move-in fee is due along with your first month’s rent and any other applicable fees relating to the home you’re applying for.

• What happens when I move out?

  If you choose the standard security deposit option, when you move out your security deposit will be applied towards any final move-out costs and any remaining amount will be refunded to you. If you choose the Security Deposit Waiver option, you may have an additional bill due after you move out to cover final expenses and repairs for damage to the home. The monthly Security Deposit Waiver payment is non-refundable and does not apply towards move-out costs or any damage to the home beyond normal wear and tear.

• 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.

• Can I change the day my Deposit Waiver payment is due?

  No. The Security Deposit Waiver payments will be included in your monthly account statement and will be due on the 1st of each month.

• Does the monthly payment for the Security Deposit Waiver apply toward move-out costs?

  No. The monthly payment is non-refundable and does not apply towards move-out costs or any damage to the home beyond normal wear and tear.

• What happens if I miss a Deposit Waiver payment?

  Security Deposit Waiver payments will be included in your monthly account statement and will be due on the 1st of each month. Late fees and other adverse actions may be incurred for incomplete payments. Please refer to your lease agreement for specific information.

• What happens when I renew my lease?

  If you choose the standard security deposit option, your deposit will remain on your account when you renew, until you decide to move out of the home. If you choose the Security Deposit Waiver option, you will continue to pay the monthly amount with your rent, until you move out of the home, or opt-out of the Security Deposit Waiver program and pay a security deposit.

• Can I change my option during the lease?

  If you choose the standard security deposit option, this amount will remain on your account and cannot be refunded or changed to the Security Deposit Waiver option during the lease term. If you choose the Security Deposit Waiver option, you will be able to switch to the standard security deposit by providing 30 days’ notice and paying the security deposit.