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Moving can be an expensive endeavor, especially if you’re relocating to a new city or state. Long-distance moving companies may charge hundreds, even thousands of dollars for the labor and transportation involved in packing up your belongings and transporting them to a distant destination. Other costs that might be associated with relocation include renting temporary storage or paying for fuel and lodging for those on the move. Additionally, packing materials and supplies such as boxes and tape are necessary components when it comes to transporting household items safely, adding to the overall cost of moving.
Not only that, but you have to pay the first month’s rent at your new property, plus a security deposit to move in. Then, you have deposits on multiple utilities. Very expensive!
In times like these, every little bit helps.
What is the Security Deposit Waiver Program?
The Security Deposit Waiver Program is a service offered by OKC Home Realty Services, LLC that allows customers to get past the upfront cost of a security deposit. The program allows those who might struggle to come up with the money for a security deposit in conjunction with a move when there are so many other demands on your pocketbook. This provides peace of mind for both residents and owners.
How Does the Security Deposit Waiver Program Work?
To help ease that burden, OKC Home Realty Services, LLC is offering a new program that allows prospective residents to move into a property without paying some or all of the security deposit.
For the privilege of not paying some or all of the security deposit (equal to one month of rent), the resident pays a non-refundable monthly payment based on the amount of the security deposit it offsets and a factor based on credit score. In general, the higher the credit score, the lower the factor.
Suppose you are leasing a property for $1,000 per month.
The security deposit would then be $1,000.
Let’s say your credit score is 725.
Your non-refundable monthly payment would therefore be 0.03 x $1,000, or $30.
If the credit score were 623 your non-refundable monthly payment would be 0.05 x $1,000, or $50.
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What are the benefits of the Security Deposit Waiver Program?
Your move-in costs are lowered substantially, all with a low monthly payment.
Why is the non-refundable monthly payment based on credit score?
Our long history of operations has shown that, in general, those with lower credit scores are more likely to leave either damage to the property, or unpaid rent when they move out.
Will you get your non-refundable monthly payments back?
You will not receive the non-refundable monthly payments you have made toward the security deposit waiver back.