Common, the nation’s leading residential brand enhancing the quality of living through convenience and community, and Obligo, the financial technology company that enables deposit-free rental buildings, today announced a partnership to eliminate security deposits for the majority of Common’s New York City co-living members.
Common, currently operating 27 co-living buildings across six markets, is rolling out a significant new technology perk to its New York City members: deposit free living. This tech amenity, enabled by a partnership with fintech company Obligo, is now available in the majority of the company’s Brooklyn and Queens co-living residences. Common members who qualify for Obligo’s deposit-free service won’t have to pay a deposit, but they will be authorizing Common to charge them for up to the deposit amount, through Obligo’s first-of-its-kind billing authorization system.
Obligo’s deposit-free service, which is currently available in roughly 20,000 units in municipalities across the U.S., first screens renters to determine which ones are eligible for a deposit-free lease, and then keeps those renters accountable by holding a preauthorization on the renter’s bank account, using open banking technology. If a tenant is charged through the system, they receive an opportunity to dispute the charge and they are able to pay in installments.
“We’re constantly evaluating ways to break down unnecessary obstacles in the renting process and provide a superior living experience for Common members,” said Eric Rodriguez, Senior Director of Sales at Common. “We have just completed a pilot with Obligo, and we’ve found that it helps us accelerate our leasing process, benefiting our members and real estate partners alike. I’m excited to continue to create stress-free city living environments for our members.”
“We are thrilled to have been selected as a partner by the largest, best known and fastest growing coliving brand in the states today,” said Omri Dor, co-founder and COO of Obligo. “Common is an ideal partner for us due to its high investment in technology, it’s incredibly positive relationship with its members, as well as the high bar which Common employs for screening its members. Nearly all Common members also qualify to Obligo’s deposit-free service.”