Frequently asked questions
Whether you’re a resident, an operator or an owner, if you have questions, we’ve got you covered. If you can’t find the answers you’re looking for, reach out to our support team and we’ll get you the information you need.
How does a small monthly fee replace a big security deposit?
We provide an alternative to a security deposit on behalf of residents. Residents pay a low monthly fee or annual payment for our services. At move-out, properties can receive up to the full amount of the Standby Deposit, which they can use to pay for any damages or fees. After move-out, Standby Deposit holders pay us back directly for any charges covered under the lease agreement.
How much does it cost for properties to enroll with Standby Deposits?
Owners and operators do not pay for using Standby Deposits
What Property Management Systems does Standby Deposits integrate with?
Yardi and RealPage
What happens if properties need to use a Standby Deposit to cover damages or fees?
The property can draw upon a Standby Deposit at move-out. This happens automatically based on the deposit accounting and a transfer is initiated to a nominated bank account of the drawn amount.
How do residents repay a used Standby Deposit?
Residents can choose between a number of options, including drawing it from their bank account, credit or debit card.
Have more questions? Contact us, and we’ll help you out.
How is it possible that a small monthly fee replaces a big security deposit?
Inspired by the way in which credit has revolutionised payments for merchants, Standby Deposits has devised a unique credit-based payment system where renters pay a minimal monthly fee instead of a large upfront deposit. This approach, which is significantly less expensive than current market options, fosters financial inclusivity, affordability, and accessibility to rental housing.
How does a renter repay a drawn Standby Deposit?
Residents can choose between a number of options, including drawing it from their bank account, credit or debit card.
What happens if a Standby Deposit is drawn by a property manager
Standby transfers the amount to the property manager and the resident is responsible for repayment to Standby.
How is Standby Deposit monthly subscription fee calculated?
The monthly fee is based on a number of factors, with the main one being the size of the Standby Deposit.
How can I get a Standby Deposit?
If you live in a large managed multi-family community, it would be up to your property manager to offer Standby Deposits as an alternative to traditional security deposits. However, if you personally know your landlord (the person who owns the apartment/house that you rent), you're welcome to sign-up and ask your landlord to create an account too. That way, you can use Standby Deposits instead of a cash deposit.
Didn’t find the answer you were looking for? Feel free to contact us.
