Renter's Choice

Join the Renter's Choice movement

City and state governments have the power to put $45 billion that sits in cash security deposits back in renters' hands.

How renter’s choice legislation works

Renter’s Choice puts cash back in the hands of renters

1
Property owners offer security deposit replacements

Property owners are required to offer low-cost alternatives to lump-sum cash security deposits.

2
Renters choose flexible payment options

Renters have increased access to stable and decent housing by choosing low-cost insurance or a payment plan instead of a large, upfront security deposit.

3
Renters and property owners benefit

Renters keep control of their money at move-in and property owners maintain equal or greater protection for their properties.

Renter’s Choice legislation by location

What $45 billion for renters looks like

$1.13 Billion
DEPOSITS UNLOCKED

Renter’s Choice Legislation passed

3
Atlanta, GA
Cincinnati, OH
Baltimore, MD

Executive order issued

3

Rent stimulus that replaces cash security deposits with a deposit alternative

CT
NY
NJ

Renter’s Choice support

17

City or state-level support from a public official

AL
AZ
CA
CO
CT
FL
ID
MD
MT
NC
NJ
NY
OH
PA
SC
TN
UT
VA
Security deposit figures based on National Multifamily Housing Council apartment stock and average rent prices
Potential Deposits Unlocked

Locked in security deposits

$45 Billion
New York, NY
$7.2 Billion
Los Angeles, CA
$3.2 Billion
Chicago, IL
$1.3 Billion
Boston, MA
$1.3 Billion
Miami, FL
$969 Million
Dallas, TX
$920 Million
Seattle, WA
$823 Million
Phoenix, AZ
$380 Million
Security deposit figures based on National Multifamily Housing Council apartment stock and average rent prices

Renter’s Choice Legislation passed

3
Atlanta, GA
Cincinnati, OH
Baltimore, MD

Executive order issued

3

Rent stimulus that replaces cash security deposits with a deposit alternative

CT
NY
NJ

Renter’s Choice support

17

City or state-level support from a public official

AL
AZ
CA
CO
CT
FL
ID
MD
MT
NC
NJ
NY
OH
PA
SC
TN
UT
VA
Security deposit figures based on National Multifamily Housing Council apartment stock and average rent prices
$1.7 Billion
DEPOSITS UNLOCKED
USA map 1

Locked in security deposits

$45 Billion
New York, NY
$7.3 Billion
Los Angeles, CA
$3.2 Billion
Chicago, IL
$1.3 Billion
Boston, MA
$1.3 Billion
Miami, FL
$969 Million
Dallas, TX
$920 Million
Seattle, WA
$823 Million
Phoenix, AZ
$380 Million
Security deposit figures based on National Multifamily Housing Council apartment stock and average rent prices
Join the Renter’s Choice conversation

Advocates for security deposit alternatives

John Cranley
Mayor
John Cranley
Cincinnati, OH
Eric Garcetti
Mayor
Eric Garcetti
Los Angeles, CA
Francis Suarez
Mayor
Francis Suarez
Miami, FL
Erin Mendelhall
Mayor
Erin Mendelhall
Salt Lake City, UT
Levar Stoney
Mayor
Levar Stoney
Richmond, VA
Francis Suarez

“...give renters an opportunity to substitute their deposits for a rental insurance product, which is a fraction of the cost, and get all that money back in their pocket - for me, frankly, it’s a no brainer.”

Mayor
Francis Suarez
Miami, FL
Eric Garcetti

“...there is no reason in a pandemic that any money should be on the sidelines of this economy, or should be out of reach of those that are suffering right now.”

Mayor
Eric Garcetti
Los Angeles, CA
Bill de Blasio

“…there's so many New Yorkers who just can't get an apartment because they can't put together the money for the deposit…Imagine if you only paid a little bit each month for all the time you were a tenant, so you never had to shell out a big chunk of money. There's a law that could give you that right and you could say goodbye to security deposits.”

Mayor
Bill de Blasio
New York City, NY
Benjamin Keys, Associate Professor of Real Estate at the University of Pennsylvania's Wharton School

“High barriers to entry not only affect renters, who must save up for a security deposit and clear background checks, but also impact property owners and operators...With lower barriers to entry, property owners would see more applications to their units and ultimately more efficiently-run properties.”

Professor at The Wharton School, University of Pennsylvania
Benjamin Keys
Philadelphia, PA
Levar Stoney

“Security deposits and hefty moving fees should not be a barrier to finding stable housing for families living on the margins. It’s exciting to see new businesses working to find innovative new ways to help families overcome this hurdle.”

Mayor
Levar Stoney
Richmond, VA
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Bill de Blasio
Mayor
Bill de Blasio
New York City, NY
Ashton Clemmons
State Representative
Ashton Clemmons
North Carolina
Sharon Middleton, Baltimore Council Vice President
Baltimore Council Vice President
Sharon Middleton
Baltimore, MD
Amir Farokhi
Council Member
Amir Farokhi
Atlanta, GA
Benjamin Keys, Associate Professor of Real Estate at the University of Pennsylvania's Wharton School
Professor at The Wharton School
Benjamin Keys
University of Pennsylvania
Mayor and Arizona Corporation Commissioner
Anna Tovar
Tolleson, AZ
State Representative
Caroline Simmons
Connecticut
State Representative
Marvin Pendarvis
South Carolina
Council Member
Matt Westmoreland
Atlanta, GA
Council President
Nick Mosby
Baltimore, MD
Council Member and Lieutenant Governor Candidate
Andrea McClellan
Norfolk, VA
Mayor
Lauren McLean
Boise, ID
State Senator
Brittany Pettersen
Colorado
Assembly Member
Buffy Wicks
California
State Representative
Jermaine Johnson
South Carolina
Council President
Shannon Hardin
Columbus, OH
Council Member
Erika Strassburger
Pittsburgh, PA
City Attorney
Zach Klein
Columbus, OH
State Senator
Chris Hansen
Colorado
State Senate Minority Leader
Jeff Yarbro
Tennessee
State Representative
Anthony Daniels
Alabama
Delegate
Mark Keam
Virginia
Council Member At-Large
Derek Green
Philadelphia, PA
Council Member
Justin Outling
Greensboro, NC
Mayor
Andy Ginther
Columbus, OH
Council Member
Keith Powers
New York City, NY

Renter's Choice trending stories

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Renter’s Choice by the numbers

The fight for housing accessibility

The average monthly rent and typical security deposit is nearly $1,700 nationally.

A typical cash security deposit is equivalent to at least one month’s rent, which can be a major burden for renters.

— Rent.com

Over 49% of Americans do not have $400 in savings for an emergency.

Half of America has less than $400 in savings, so upfront move-in costs bar renters from accessing stable, quality housing.

— THE federal reserve

13.1 million Americans are projected to spend more than half of their income on rent by 2025.

As the cost of living continues to rise, rents have risen 72% in the last 60 years.

— enterprise | clever
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