All Forum Posts by: Jamie Petraglia

Try Doorloop or RentRedi to name a couple 

I would lean toward option 2. There are so many options out there that bring technology to properties that residents would rather interact with, like texting, etc. They get instant answers, and it's what people are used to these days. Check out Residesk—these guys are doing great things and acting as your support channel for residents so the on-site teams can focus on leasing more apartments.  

I have no affiliation with them. I know some others using them and have been very happy. 

Management has to be forward-thinking with technology 

Yeah, it's pretty wild! A property manager brought it to my attention, and I looked further into it. Here is the link I found on SF.gov - https://www.sf.gov/reports/march-2024/security-deposits#inte...

They raised it from 2.3% the previous year! I'm not sure if landlords are enforcing this. I can't understand how they can be required to pay this if the banks don't even offer this rate with the recent rate cuts. 

Good move with Reno! 

How are landlords in SF handling the security deposit law that requires them to pay interest to residents on their deposits? According to the SF Rent Board, the interest rate owed on deposits for the period from March 1, 2024, through February 28, 2025, is 5.2%! With the recent rate cut by the Fed, most banks are not offering this rate. How are SF landlords managing this situation?

It would be interesting to hear about the technology landlords use for leasing, property management software, unattended leasing, AI, deposits, and more.

If some applicants fall below your requirements, then everyone would be considered "conditional," you can raise the security deposit to mitigate your risk of someone breaking up or defaulting. 

Whale is a financial technology platform tailored to the rental community. It uses security deposits as a foundation to help renters improve their financial literacy and education.

Whale Deposit will take the idle cash often tied up in security deposits and invest it in risk-free, interest-bearing financial products. This allows residents to build wealth on their deposits while not using them. 

Whale also removes the burden of managing security deposits by placing a digital hold that landlords can see through their property management software. By maintaining possession of their deposit in the Whale account, renters generate a yield on those funds throughout their lease. The funds are guaranteed back to the landlord if damage occurs or a resident breaks a lease. 

Book a Demo 

Free platforms are available to landlords that protect you so you don't miss the state return policy. You also don't need to send physical checks, as the deposit stays in the resident's name. You upload a financial move-out statement, and you get up to the amount of the deposit. 

The main issue here is that you had to send a physical check to a "new address" to return the deposit. If the deposit always stayed in the renter's name (where it belongs as it's legally their money), you wouldn't have to send any checks and have this issue. 

Alternative deposit solutions only have a small adoption per building. You're still dealing mostly with cash deposits. The problem with insurance/surety bond model is the resident is paying a non-refundable fee each month (or one-time total) and they don't realize they still owe the damages at the end of the lease. The admin work for the landlord is still there and you don't get full claims like a traditional deposit.