Why Renters Choose to Go No Deposit with Obligo
Moving into a new home is an exciting experience for renters, but the process can also be stressful, especially when it comes to finances. Paying for a security deposit, for one, can take a big chunk out of your wallet. At Obligo, we see a lot of renters choose to live no deposit when given the opportunity. If you haven’t heard of no deposit living or aren’t sure what it entails, here’s a crash course:
What Is No Deposit Living
In the simplest terms, no deposit living means that as a renter, you’re not required to pay a security deposit upfront to secure your lease or to live in your rental home. Instead, you could provide alternative forms of financial assurance, like using a guarantor or a deposit alternative service. Renters have always known security deposits as a “necessary evil” to tackle before moving into a new place. But no deposit living, a new and better way to maintain protection for properties, offers a lot more flexibility to renters. You can keep the cash that would otherwise be tied up in a bank and use it on activities you care about.
Why Renters Go No Deposit with Obligo
Obligo’s no deposit solution has proven to be a secure, easy and trustworthy choice for many renters. Through our conversations with these renters and their public reviews, we identified three major reasons why they found this amenity so valuable:
Financial Flexibility
Moving into a new home can be expensive, and paying a security deposit on top of the first month's rent (sometimes also last month’s!) can be quite a financial burden. By going no deposit with Obligo, you save thousands of dollars upfront. Imagine all the things you can do with the extra cash! Paying off credit card debt is a great choice, as this always carries the highest interest rates. We've also heard from many renters who use the money to boost emergency savings, help with moving and furnishing costs, or simply treat themselves.“I'm very happy with the fact that I didn't have to put out a high security deposit — it freed up my money to buy little things I want to put in my new home,” an Obligo renter reviewed. “I’d gladly do it again!” “With the increasing rate of rent, being able to move into our new home without paying a deposit saved us $3000!” Another renter remarked. If you just found out that your property offers Obligo’s no deposit living, you can apply the security deposit you already paid to cover an upcoming rent bill — take a “rent holiday” if you will.
Ease of Use
Moving can be a hassle, and the last thing renters want is to deal with more paperwork and fees. Going to the bank so you can get certified checks to pay the security deposit? That’s old news. Obligo makes the move-in process a breeze. You can qualify for no deposit living in minutes and complete your move-in requirements fast and securely, right from your phone. Whether it’s pet fees, holding deposits or others, Obligo handles all kinds of payments to the property and simplifies your rental experience. You can even choose to pay a traditional deposit electronically through Obligo — in that case, you don’t need to wait around for your deposit refund check to arrive in snail mail. “Using Obligo was so easy and quick, which is important in today's housing market! I love that I didn't have to worry about a security deposit and that I could safely pay my move-in costs with the click of a button!” said one reviewer on TrustPilot.“Using Obligo allows me to not worry about the deposit of the house, knowing that my money is safe,” said another renter. “The sign-in is very easy and user friendly, they give you a lot of information and explain it all, starting with a video that makes it very easy for first-time users.”
Trustworthiness
Renters love Obligo not only because they can save money and time by going no deposit, but also because we’re a trustworthy company that's committed to providing excellent service. For many renters who are new to no deposit living, this was a key factor they considered when using Obligo. “This was my first time using Obligo’s services and they were very helpful in securing my apartment application. They were especially prompt in response to my questions and concerns,” said one reviewer, “If using their platform were an option in my future I would use them again!” Obligo’s mission is to build trust between landlords and renters through financial technology. Our dedication to be a sustainable business means that we vet the property owners and managers that we work with thoroughly.Obligo’s no deposit solution adds flexibility and fairness to the rental process, keeping renters accountable and maintaining protection for the property side. If you’re a renter looking to save money, reduce hassle, and work with a trustworthy company, contact us to learn more about no deposit living!
