Propmodo: Technology Unlocks Security Deposits When Renters Need It the Most

A surprising effect of COVID-19 is how the world has rapidly digitized in its wake.

Video conferencing technologies like Zoom are now used for every meeting, social event, conference, school class and doctor consultation. Many industries have adapted quickly to remote working, and we have all been forced to adapt to sheltering in place. The government has stepped in to help those that are struggling to pay their bills. This represents a threat to our economy, one that would find many renters unable to pay their rent as millions have been furloughed, laid off, or have had their salary reduced.

To add to this, there is a lot of confusion about the different options in public discussion: eviction bans, rent payment plans and deferments, stimulus checks, rent strikes, late fee prohibitions, and the list goes on. Many landlords are doing their best to find solutions for their tenants, to help them navigate this difficult time. After all, we are all interconnected in this financial system, and relief for renters will also elevate landlords. $1,200 stimulus checks, however, will not be enough, and this puts landlords in a tough position since they don’t have the ability to defer many of their fixed costs. Read the full article on Propmodo

At Obligo, we want to do everything in our power to help renters keep a roof over their heads, and our technology can help free up deposit money while keeping landlords secure and renters accountable. In a deposit-free property supported by Obligo, renters can provide a digital “billing authorization” in place of a security deposit, allowing their property managers or landlords to bill them in the event of damages or unpaid rent. 

Interested in learning more? Schedule a demo with us today!

Posted By Team Obligo