No. Deposit Alternative is an insurance policy—you pay small monthly premiums. So instead of putting up a bunch of cash when you move in, you end up paying a lot less over the course of your lease.
Deposit Alternative
Move in without a large deposit.
Skip the big security deposit. Keep more cash in your pocket with an affordable monthly alternative.
How Deposit Alternative works
Sign up
If your landlord supports the service, just download the Homebody app and create an account.
Pay a small monthly premium
It’s just for the duration of your lease, and it’s cheap.
Save hundreds
Instead of $1,000 up front for a security deposit, you pay about $130 over the course of your lease.*
Use your money how you want
Put the cash you save toward next month’s rent, your student loan, or anything else!
*Amount may vary
Deposit Alternative can save you up to $1300*
*Amount may vary
Frequently asked questions
Do I get my money back at the end of my lease?
Can I sign up for Deposit Alternative?
Because you pay rent to your landlord or their property management company, Deposit Alternative is only available when they’re involved and offer Deposit Alternative.
How much does it cost?
The cost is determined by your property management company, and varies by property. When you move out, your policy ends.
Is it worth it?
If you want to keep your cash and make moving in more affordable, then definitely!
Why do I pay more or less than my friend who also uses Deposit Alternative?
Property owners and managers determine the price for their tenants. In some markets, they might charge more to manage the service.
