Some tenants do not have enough money to pay for the first month’s rent, moving fees and the security deposit. Most landlords reject a tenant in this case. This does not make them unable to rent a property from us. At Ironclad Property Management, a non-refundable monthly fee can be paid in lieu of the one-time security deposit.
This policy is completely optional. Tenants can continue to pay the whole security deposit in lieu of the fee.
The fee is determined based on the required security deposit to secure the rental unit. If the FICO score is between 800-850, the charge is 2% of the security deposit amount paid monthly, 775-799, the charge is 3% of the security deposit amount paid monthly, 750-774, the charge is 4% of the security deposit amount paid monthly, 700-749, the charge is 5% of the security deposit amount paid monthly, 650-699, the charge is 6% of the security deposit amount paid monthly, 600-649, the charge is 7% of the security deposit amount paid monthly, 550-599, the charge is 8% of the security deposit amount paid monthly, 500-549, the charge is 10% of the security deposit amount paid monthly. As an example, if the required security deposit is $2000 and the tenant has an 800 credit score, a $40 monthly fee would be charged. If there are multiple people applying together the security deposit waiver fee will be assessed based on the AVERAGE FICO score of all applicants (excluding co-signers). Applicants who do not have a FICO score may be assigned a score of 600 for the purposes of determining the security deposit waiver fee.
YES! As long as you let us know and distribute the entire required security deposit, we will cancel the security deposit waiver fee going forward.
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