How to rent an apartment without a deposit

Renting an apartment without a deposit is sometimes the only alternative for those who are moving or especially moving out on their own for the first time.

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Well, the deposit is one of the ways to guarantee to the owner of a property that he will receive the rent amount.

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Even if something unexpected happens to you and you are unable to fulfill the agreement.

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It consists of paying in advance the equivalent of three months' rent - this is generally the amount, but it can vary.

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At the end of the contract, the amount must be returned with the correction of the savings income in which it was held during the period.

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Well, not everyone can make this payment right away, right? There are two options that can help you in this endeavor.

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Let's get to know each other?

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Rent with guarantor

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Renting with a guarantor is the most common option and the most chosen by those who are going to rent a property.

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According to the Housing Union (Secovi-SP) , between March 2019 and February 2020, this was the most common method chosen by landlords when renting.

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In total, 45.5% preferred this form. The surety bond appeared with 37.5%, in second place. In third place, the surety insurance was chosen by 17.0%.

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In short, the guarantor will assume responsibility for paying the amounts you cannot pay while you are in the rented property.

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To be a guarantor, you basically need to not have a bad credit history and prove financial stability and income.

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You can find out more here about who can be a guarantor.

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Rent with insurance guarantee

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Another way to guarantee that the debt will be paid. Surety bond insurance works like any other insurance: you hire the service that will cover your costs, if called upon.

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The surety bond costs, on average, the amount of one and a half months' rent per year, and this total amount can be paid monthly.

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One of the great advantages is that this modality offers options with coverage not only for the rental value, but for all fees related to the property.

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Such as property tax and condominium fees, as well as taxes, water and electricity bills, or legal fees in eviction proceedings.

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It can also cover urgent services such as locksmith or electrician services. Just agree this with the insurance company.

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If you fail to fulfill your obligations, the property owner will contact the insurance company and you will owe money to them.

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Once you pay off your debts with the insurance company, everything will be resolved. But be careful, or they may take legal action against you.

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And it is important to highlight: even if the insurance is not activated, the amount paid is not refunded, ok?

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Did this article answer your questions about how renting without a deposit works?

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