What an Enterprise Security Deposit Program Does
An Enterprise Security Deposit program is a way to rent an apartment or house without paying a large upfront security deposit to your landlord. Instead, you pay a smaller fee — usually between $0 and $200 — to a third-party company, which then guarantees your landlord against damage or unpaid rent. The company holds the may provide, not your money. If you move out without damage and pay your rent on time, the may provide ends and you owe nothing more.
This is different from a traditional security deposit, where you give the landlord cash upfront and get it back (minus deductions) when you leave. With Enterprise, you never hand over a large lump sum. The may provide company takes on the risk instead, and you pay a one-time fee for that service.
Enterprise programs are offered by private companies, not government agencies. Your landlord has to agree to accept the may provide in place of a cash deposit. Not all landlords participate, so you will need to ask whether the property you want to rent works with an Enterprise program.
Key Takeaways
- You pay a small upfront fee to a may provide company instead of handing over a large security deposit to your landlord.
- The may provide company promises to cover damage or unpaid rent, so your landlord accepts this in place of cash held in escrow.
- Your landlord must agree to work with the may provide company — not all properties do.
- If you pay rent on time and leave the unit undamaged, you have no further obligation after you move out.
- The fee you pay is non-refundable, even if the may provide is never used.
How the Fee Works and What It Covers
The fee you pay upfront is typically a percentage of your monthly rent — often between 10 and 20 percent, though this varies by company and by state. Some programs charge a flat fee instead. Once you pay it, the may provide company issues a certificate or letter to your landlord confirming they will cover losses up to a set amount, usually one month's rent or the full security deposit amount your state allows.
The may provide covers two things: unpaid rent and damage beyond normal wear and tear. If you move out and leave the apartment in good condition and have paid all rent, the may provide never pays out and your fee is simply gone — you do not get it back. If you leave damage or owe rent, the may provide company may pay your landlord's claim, and you may then owe the may provide company that amount.
The maximum the may provide covers is set in your contract with the company. Read the terms carefully, because some programs cap coverage at one month's rent even if your state allows a larger deposit, and some exclude certain types of damage.
Who Offers Enterprise Security Deposit Programs
Several national companies offer security deposit guarantees, including Jetty, Rhino, Obligo, and others. Each has slightly different fees, coverage limits, and rules about what damage or unpaid rent they will cover. Some are available in most states; others operate in only a handful. Availability also depends on whether your landlord has signed up with that particular company.
You do not choose the company — your landlord does. When you find a rental property, ask the landlord or property manager whether they accept security deposit guarantees and which company or companies they work with. If they do, you can then contact that company directly to pay the fee and set up the may provide.
Some landlords may not be familiar with these programs. If you are interested, you can ask them to contact the may provide company directly, or provide them with the company's website so they can learn how it works and decide whether to participate.
When an Enterprise Program Makes Sense for You
A security deposit may provide is most useful if you do not have several hundred or several thousand dollars saved for a traditional deposit. If your state allows a one-month deposit and your rent is $1,200, a traditional deposit costs $1,200 upfront. An Enterprise program might cost $120 to $240 in fees, freeing up that cash for moving costs, furniture, or other needs.
The trade-off is that your fee is non-refundable. With a traditional deposit, you get the money back (minus legitimate deductions) when you move out. With Enterprise, you keep nothing. If you plan to stay in the apartment for several years and leave it in good condition, you will have paid the fee for a may provide that was never used.
If you have a history of evictions, unpaid rent, or damage claims, some may provide companies may decline to work with you, or may charge a higher fee. Check with the company before assuming you can use the program.
How to Set Up an Enterprise Security Deposit may provide
Once you and your landlord have agreed on the rental and your landlord has agreed to accept a security deposit may provide, contact the may provide company your landlord works with. You will need to provide your name, the property address, your lease start date, and your monthly rent amount. The company will calculate your fee and tell you how to pay it.
Payment is usually online by credit card or bank transfer. After you pay, the company issues a certificate or letter that goes to your landlord confirming the may provide is in place. This typically happens within one to three business days. Your landlord should not ask you for a cash deposit once the may provide is active.
Keep a copy of your may provide certificate and the company's contact information. If you move out and your landlord makes a claim, you may need to respond to the company's inquiry about the claim.
What Happens If Your Landlord Makes a Claim
If you move out and your landlord claims you owe unpaid rent or left damage, they submit a claim to the may provide company with documentation — photos, repair estimates, or a record of unpaid rent. The may provide company investigates the claim and decides whether to pay it.
You will usually be notified of the claim and given a chance to respond. If the company pays your landlord, you then owe that amount to the may provide company, not to your landlord. The company may pursue collection through small claims court or a collection agency if you do not pay.
This is why it matters to document the condition of the apartment when you move in and move out. Take photos on your first day and your last day. If your landlord claims damage you did not cause, you can show those photos to the may provide company as evidence.
State Rules and Limits on Security Deposit Guarantees
Some states have specific rules about whether landlords can accept a security deposit may provide instead of cash. A few states require landlords to hold cash deposits in escrow and do not allow guarantees as a substitute. Others allow them but require the may provide company to be licensed or regulated in that state.
Check your state's landlord-tenant law or contact your local housing authority to learn whether guarantees are legal in your area and whether there are limits on the fee the company can charge. Some states cap the fee at a percentage of rent; others do not.
If your state does not allow security deposit guarantees, your landlord cannot accept one, and you will need to save for a traditional deposit or look for a landlord who does not require one.
Frequently Asked Questions
Can I get my fee back if I do not end up renting the apartment?
No. Once you pay the fee to the may provide company, it is non-refundable, even if you change your mind about the rental or the deal falls through. Make sure you are committed to the apartment before you pay.
What if my landlord tries to keep money from the may provide for normal wear and tear?
The may provide company investigates claims before paying. Normal wear and tear — faded paint, worn carpet, small nail holes — is not covered. If your landlord tries to claim for normal wear, the company should deny it. If you disagree with a claim, contact the company in writing with photos or evidence.
Does using an Enterprise program hurt my credit score?
No. The may provide company does not report to credit bureaus, and paying the fee does not appear on your credit report. Only unpaid debts to the may provide company (if they pay a claim and you do not repay them) would affect your credit.
Can I use an Enterprise program if I have bad credit or an eviction history?
Some companies will work with you; others will not. Each company has its own underwriting rules. Contact the company your landlord uses and ask. Some may charge a higher fee or require additional documentation if you have a difficult history.
What if I damage the apartment and the may provide does not cover the full cost?
The may provide covers only up to the limit in your contract, usually one month's rent. If damage costs more than that, your landlord can pursue you for the difference in small claims court or through a collection agency, separate from the may provide claim.