NEW YORK, Sept. 25, 2019 /PRNewswire/ — Jetty, a financial services company on a mission to make renting a home more affordable and effortless for everyone, today released new data further highlighting the positive impact security deposit alternatives can have on renters across the country.
The up-front costs of move-in can be preventative to residents hoping to sign a lease. A recent nationwide survey by Jetty found that affording the up-front costs of signing a new lease is the biggest worry in the context of renting, followed by keeping up with rent payments. In the same survey, almost sixty percent of renters reported not moving into rental homes or apartments because of high up-front expenses, showing the majority of residents would rather keep the money in their pockets.
Jetty Deposit, an alternative to the traditional security deposit, replaces a standard security deposit with a small, one-time fee. This empowers renters with liquidity and optionality at move-in, while providing real estate property management partners with increased lease conversion, reduction of bad debt, and streamlined operations–without pooling.
A recent national survey of renters at Jetty partner properties revealed an overwhelming positive reaction to Jetty Deposit:
- 98% of Jetty renters would purchase Jetty Deposit again instead of a traditional security deposit
- 43% of Jetty renters would have been “very disappointed” if Jetty Deposit had not been available when they moved in
- 54% of Jetty Renters purchased Jetty Deposit because they wanted to lower move-in costs, followed by 20% who wanted to use the extra cash for essential expenses (like a bill, groceries, etc.)
- Renters with Jetty Deposit were 80% more likely to say that they had a positive relationship with their landlord than renters without
“By partnering with Jetty, we’re saving our residents nearly $1,000 on move-in costs—while increasing our protection,” said Chris Hagen, Senior Vice President, MG Properties. “It’s already made an impact on our bottom line, and our renters love it. It’s a win-win.”
Jetty works with top property managers across the country to increase lease conversion, reduce bad debt, and streamline operations—thereby increasing net operating income. Partners include LivCor, Related, Pinnacle, MG Properties, Trammell Crow, Griffis Residential, and many more.
Jetty is on a mission to make renting a home more affordable and effortless for everyone. As a financial services company, Jetty’s solution helps property managers increase lease conversion, reduce bad debt, and streamline operations. For the renter, Jetty lowers the barrier to entry, saving residents thousands of dollars on move-in costs. Jetty is available nationwide, was founded by Mike Rudoy and Luke Cohler, and is headquartered in New York. To learn more about how Jetty can benefit your property, visit www.jetty.com.
Hadley Stecker, 978-473-1754