Because of software automation and security encryption, the process could be safer than a written check. For property owners, in two or three minutes, hundreds of rent payments can be processed, with the funds automatically deposited into the owner's account. This will reduce the need for late notices and will dramatically reduce the need for collection efforts. Two other programs aim to revolutionize security deposits. Housing providers are entrusting valuable assets to their residents, and the financial risks can be substantial.
Security deposits are the top area of conflict between rental owners and residents.
They can also be a tremendous financial burden. State law allows security deposits to be up to two times the monthly rent. This means, that at least for a short period of time, residents could need to have four times their rent for deposits. Given our high cost of housing, this can be a challenge. Deposit Saver, from Predictive Data in Irvine, is a specialized insurance alternative to traditional security deposits.