The Deposit Waiver reduces your upfront move-in costs. Instead of paying a security deposit in full before you move in, you can pay a monthly non-refundable fee for the duration of your lease.
multiple options
Our standard application process requires a security deposit that can range from one month’s rent to one and a half months’ rent, depending on screening results, to be paid within 48 hours of application approval.
To help you decide which option best fits your needs, let’s look at a scenario with a security deposit amount of $2,150 for a home in Dallas, TX.
OPTION 1
Security Deposit
- Due before move in: $2,150
- Monthly payments: $0
- Security deposit refund: Yes
OPTION 2
Deposit Waiver
- Due before move in: $51*
- Monthly payments: $51*
- Monthly payment refund: No
*Actual fees and security deposit refund amount may vary; the current monthly Deposit Waiver payment is $51 for homes in Dallas, San Antonio, and Austin, and $57 for homes in Houston.
Advantages of Each Option
Security Deposit Option
If you have the funds available for a security deposit and plan to stay in the home for several years, then the security deposit option may be a great choice for you. Paying your security deposit upfront means that you will not incur the monthly charge associated with the Deposit Waiver option and could save you money in the long term.
The total amount of your security deposit will be reserved to help cover the costs of any necessary repairs or other charges at the time of your move-out, and any remaining funds will be refunded to you.
Deposit Waiver Option
The Deposit Waiver option allows you to move into a home without putting down a traditional security deposit, providing you with a more affordable move-in option. Instead, you would pay a fixed non-refundable monthly fee* throughout the term 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. For that reason, maintaining the home is especially important with the Deposit Waiver option.
To take advantage of the Deposit Waiver option, simply check the box to select this option when you apply to lease one of our homes. Otherwise, the Security Deposit option will apply.
Frequently Asked Questions
Are the security deposit payment options available to everyone?
Currently the Deposit Waiver option is only available in Texas.
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 monthly charge. There is no interest charged on the Deposit Waiver payments.
Is the monthly payment for the Deposit Waiver option the same for everyone?
The monthly payment amount varies by location. The current monthly Deposit Waiver payment is $51 for all homes available in Dallas, San Antonio, and Austin, and $57 for homes located in Houston.
How do I select my preferred option?
During the application process, you will see a checkbox for the 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 Deposit Waiver option, then the first month’s payment 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 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 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 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 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?
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 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 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 Deposit Waiver option during the lease term. If you choose the Deposit Waiver option, you will be able to switch to the standard security deposit by providing 60 days’ notice and paying the security deposit.
* The Deposit Waiver option is not available in all areas; additional terms and conditions apply. A minimum lease term may be required, and participating applicants must sign a Deposit Waiver Lease Addendum. Monthly payments are non-refundable. Tricon Residential may change or cancel this program at any time.
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