Surety bonds for apartment rental. And other things to watch out for.

muninn

So I am thinking of moving to a new apartment complex and one of the options available is buying a surety bond for 90 bucks in lieu of paying month's rent of deposit. Now this sounds like unattractive offer, but sounds a bit too good to be true. Should I be expecting shenanigans later on when I move out with the collection agencies?
Also are there any other thing I should be weary of when signing a lease on a new apartment?

Improvolone

90 for a security deposit? As opposed to a full months rent? Why would they do that?
Either way, its best to assume you won't get much of it back without a major fucking headache.

evilmrhenry

Basically, it's insurance that you won't run out on the lease. If you do, the bond company will pay the needed amount, then come after you. Note that you don't get the $90 back; you eventually get the last month of rent back.

I'm not familiar with any gotchas here, but that doesn't mean much.

sligmasta

It seems like they might be able to dick you around when you go to move out but it will be run of the mill "200$ to paint over holes from tacks, 200$ to regrout bathroom" that you have to fight against with shitty landlords. When this normally happens they take it out of the security deposit that is usually a months rent. since you're not paying that they may try to bill you for it, meaning that you would have to pay money upon moving out.

If it works that way, you would be out an additional 90 dollars that your not getting back, but you wont have to put up an extra months rent upon moving in.

That is just what i would be worried about. I have never had to deal with one of those surety bonds, so I don't know anything about it this is just my speculation.