Found a rental unit but can't cover the full deposit? Here's how security deposit guarantees work
You found a place you can actually afford. The rent fits. The neighborhood is fine. But then comes the move-in math: first month, last month, and a security deposit on top of it all. For a lot of people, that total is just not possible to pull together at once — even when the monthly rent is manageable.
This page covers security deposit guarantee programs: what they are, how the main companies structure them, and what you need to know before you sign anything. This is not a page about charity or government programs that help pay your deposit outright — if that's what you're looking for, the security deposit assistance page covers those options.
What a security deposit guarantee actually is
A security deposit guarantee is a private-market product — from an insurance company or a financial firm — that lets you move in without handing over the full cash deposit. Instead, you pay a smaller amount to the guarantee company, which then assures your landlord they're covered for damages or unpaid rent up to the deposit amount.
The thing to understand going in is that the fee you pay is almost always non-refundable. You're not putting money in escrow that comes back when you move out — you're paying for coverage. And if there are damages when you leave, you'll still owe money. The guarantee company pays the landlord's claim, and then comes after you to be repaid. This is not a way to avoid responsibility for your apartment. It's a way to avoid tying up a large sum of cash before you move in.
The other thing to know up front: your landlord has to be enrolled with the guarantee company. You can't bring one of these programs to any property you want. If the building isn't already a partner, the program isn't available there, no matter how much you'd like it to be. So before you get too far into any application, ask the property manager which programs, if any, they work with.
For anyone dealing with a past eviction or thin credit, it's also worth reading about landlords who work with applicants who have evictions on their record — some of the same companies that offer deposit alternatives also have more flexible screening.
The two basic models: insurance and surety bonds
Security deposit alternatives fall into two rough categories. It helps to understand the difference before you compare options.
The first is a surety bond. You pay a one-time, non-refundable fee. The bond company guarantees your landlord will be covered if you don't pay rent or cause damage beyond normal wear and tear. The fee is set, you pay it once, and coverage typically lasts for the life of your lease or a set number of years. Assurant SureDeposit and ePremium eDeposit work this way.
The second model is more like an insurance subscription. Instead of one upfront fee, you pay a recurring monthly amount for the same kind of coverage. Your monthly cost may be calculated based on your lease terms and financial profile. Rhino now operates as the largest combined security deposit platform in the country and offers this model, as does LeaseLock. The ongoing payment model can cost less at move-in, but adds up over a long lease.
Neither model is a loan. There's nothing to be paid back when you move out — unless the guarantee company has to pay a claim on your behalf, in which case they'll seek reimbursement from you.
The main companies currently operating
Rhino covers millions of rental units across the country, and landlords who previously worked with either company continue to have access through the combined platform. Rhino's model is monthly coverage rather than a one-time fee, and the monthly cost is based on your lease details and risk profile. Coverage is not available in all states. You can get a quote and check whether your property participates at https://www.sayrhino.com/.
Assurant SureDeposit is a large publicly traded insurance company. The program uses a surety bond structure: you pay a one-time non-refundable fee, and coverage lasts for the life of your lease. One thing to check in advance is whether a fraud alert on your credit report could affect approval, since the bond does involve a credit review. Your landlord must be a SureDeposit participant. More details are at https://www.suredeposit.com.
Premium eDeposit is another insurance agency that offers a one-time deposit alternative, but with a specific requirement: you have to enroll in ePremium's renters insurance first. Once you have their renters insurance, you qualify automatically for eDeposit. Coverage typically lasts up to five years, and the fee is non-refundable. If your landlord's management company is enrolled in the ePremium program, this can be a fast option since there's no additional underwriting. Details at https://www.epremiuminsurance.com.
LeaseLock operates as a lease insurance company rather than a traditional surety bond provider. The company works primarily with mid-size to large apartment communities, and their model replaces the cash deposit with coverage built into the leasing process at the property level. In some cases, approval goes through LeaseLock's algorithm rather than a standard credit check — which can help applicants who have thin credit but a solid rental history. LeaseLock has insured billions of dollars in leases and continues to expand. More at https://www.leaselock.com.
The Guarantors is structured differently from the others. It's primarily a lease guarantor rather than a deposit-only program, meaning it backs your entire lease application — income requirements, credit, the works — for renters who wouldn't otherwise meet a landlord's qualification threshold. Deposit coverage can be added to a policy. The cost is personalized based on your profile and the property's requirements. The Guarantors partners with many of the country's major property management companies, so it may be available in large professionally managed buildings where smaller programs aren't. Learn more at https://www.theguarantors.com.
There are other companies in this space as well, and the market has been changing — some providers focus on specific regions or property types, and new options appear from time to time. If the above programs aren't available at your property, it's worth asking your landlord's leasing office whether any other deposit alternative is offered.
What to ask before you sign anything
A few questions worth getting answered before committing to any of these programs:
Is this landlord actually enrolled? Not every company that claims to offer a guarantee works with every building. Confirm with the leasing office before you apply anywhere.
What happens if I need to cancel? Most fees are non-refundable once paid, but there are narrow exceptions — typically if you end up not moving in for a legitimate reason. The window to request a refund in those cases is usually very short.
What happens at move-out if there are damages? You will owe money. The guarantee company pays the landlord, and they'll pursue reimbursement from you. This isn't a way to walk away from a damaged apartment — it just determines who pays the landlord first.
Does coverage transfer if I change units or if the building is sold? Some programs allow it; others don't. Get this in writing.
Will my monthly premium change? If you're on a subscription-based model, understand how rent increases or lease extensions affect what you pay going forward.
A note on state laws
Some states have passed laws requiring landlords — particularly in larger buildings — to offer tenants the option of a deposit alternative rather than requiring a full cash security deposit. Florida is one example where these options have been formally built into landlord-tenant law. Others are following similar paths. If you're being told by a landlord that a cash deposit is the only option, it may be worth checking what your state's current tenant protection law says about deposits and alternatives. A legal aid organization in your area can walk you through that for free — see the free legal advice page for organizations that help with housing law questions.
If you can't afford any move-in costs at all
These guarantee programs reduce your upfront cost — but they still cost something, and the fee is yours to pay, not someone else's. If you're in a situation where you genuinely cannot cover even a reduced fee, or if you need someone to pay the full deposit on your behalf, the programs described here probably aren't the right fit right now.
The security deposit assistance program page lists nonprofits, local agencies, and government programs that may be able to cover some or all of the deposit directly. For people with a Section 8 housing choice voucher, there's also a separate page on Section 8 security deposit assistance. And if broader rental help is what you need, the rental assistance program and how to get it page covers programs that help with ongoing rent, not just the move-in costs.
People dealing with exactly this situation — scrambling to come up with a deposit while also managing rent, a job change, or a family crisis — share their experiences and ask for guidance on the security deposit help thread in the NHPB moderated community forum. It's moderated and active, and you can post your specific situation there if you want input on local options
Disclaimer: Security deposit guarantee programs are private financial products, not government assistance. Terms, fees, and availability vary by company and by property. All fees should be verified directly with the provider before you agree to anything. Programs change, and needhelppayingbills.com makes no guarantee of availability or current pricing.
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