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.
Baltimore renters deserve alternative choices to a security deposit
April 9, 2021