Moving into a new apartment can require putting down a lot of money up-front. One of the main costs prohibitive for many renters is the security deposit, a lump sum that the landlord will typically keep until you move out in case of any damages. But with security deposit alternative services offered by financial technology companies, renters are now getting the opportunity to bypass this requirement altogether.While these options can be “useful in the short term because they help keep cash in your pocket,” they do carry risks, said The New York Times. And they are certainly not cost-free. Here is what to know.
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