Renters won't need cash for Security Deposit

[Lamont Marable]

In Cincinnati Ohio, renters won’t necessarily need a cash security deposit anymore under a new law passed by Cincinnati City Council. This will help alleviate barriers to renting an apartment, the law says landlords must give renters options other than a traditional cash security deposit.

There are three alternatives: an installment plan that allows the renter to pay the security deposit over the course of at least six months; a reduced security deposit no more than the equivalent of 50 percent of the first month's rent; or rental security insurance in which tenants pay an insurance company a nominal nonrefundable monthly fee in lieu of a deposit. Once a renter opts for the alternative security deposit, then we as landlords can pick which option to offer the renter.