Thursday, May 6, 2021 |
Baltimore
64°
Fair
FOLLOW US:

Baltimore renters deserve alternative choices to a security deposit

April 9, 2021
One dollar bill by the wall

For low-income people, the requirement of a security deposit can make it prohibitive to rent an apartment or house. These deposits are meant to protect landlords by offering a financial security blanket to pay for any damages a tenant may cause to their property. But many people simply don’t have the money in their budgets for deposits that can be hundreds of dollars. Paying such a large lump sum at one time to get into an apartment or house is out of reach for many people, which blocks them out of nicer neighborhoods. A recent Zillow survey found that 33% of renters said their biggest hurdle when looking for a rental was affording upfront costs, while only about half could afford an unexpected expense of $1,000.

Article Source: Baltimore Sun

The Morning Rundown

We’re staying up to the minute on the issues shaping the future. Join us on the newsletter of choice for Maryland politicos and business leaders. It’s always free to join and never a hassle to leave. See you on the inside.