What lower move-in fees might mean for renters
Back in 2019, we surveyed renters across the country and found that high up-front costs at lease signing prevented 59% from moving into the home they wanted.¹ With 44 million people renting their home in the U.S., that’s a pretty high number.²
Many of the same renters we surveyed believed that lower move-in fees were the solution to an all-around better leasing experience—and we agree.
Here, we take a closer look into what lower move-in fees might mean for renters across the country.
Renters could afford the location they desire.
It’s probably not a surprise that high up-front costs at move-in impact a renter's ability to move to the location they want. Even if the cost of rent is affordable, a high security deposit might deter a renter from signing a lease in their ideal neighborhood.
Not only does location matter for things like access to shopping, public transportation, or the school district you’re in, according to new data it can also impact your child’s life outcome.³ Research shows that the role models your children grow up around make a big difference, from teachers, coaches, and even your neighbors.
Renters can spend more on what matters.
The cost of housing is on the rise, and with rental costs increasing 72% over the last six decades, renters are continually faced with high fees to rent a home.⁴
Aside from the first month’s rent, other fees due at move-in might include a renter’s application fee, proof of renters insurance, and a security deposit, sometimes upwards of hundreds of dollars (and oftentimes more expensive than the first month’s rent).
With a security deposit alternative like Jetty Deposit, renters can move into their new home, in the location they desire, for less, without paying a large up-front sum of cash. Instead, they can spend their money on what matters most: a new couch, utilities, or even new appliances.
Sources:
- “Jetty 2019 Renter Sentiment Report,” See Methodologies Section
- “Renting Statistics,” iPropertyManagement (https://bit.ly/3tmyxM9)
- “More U.S. households are renting than at any point in 50 years,” Pew Research Center (https://pewrsr.ch/3tuBhY8)
- “The One Parenting Decision That Really Matters,” The Atlantic (https://www.theatlantic.com/ideas/archive/2022/05/parenting-decisions-dont-trust-your-gut-book-excerpt/629734/)
