Security Deposit Insurance is the latest scam by Orlando real estate and property management

Recent articles by The Seeking Rents blog (story HERE) and the Orlando Sentinel (story HERE) have shined a spotlight on the most recent scheme by Orlando real estate and property management to try and extract funds from hurting families that need a place to live.

Security Deposit insurance. Instead of paying a traditional security deposit, cash strapped families already hurting from moving costs, application fees, and first month and last month’s rent, can just pay a monthly fee.

The fee doesn’t fill the space of a traditional deposit. And you’re not getting any of that money back. It protects only the landlord.

You might even have some property management offices try to sell it to you.

Its another cash making scheme to make Orlando real estate even wealthier, while we suffer.

Remember the motto of Orlando special interests like real estate and tourism.

“Your money. Not ours.”

“It doesn’t matter how we disguise it, move the money from your pile to ours.”

Its predatory.

And the worst part about this is that is that this is their solution to help the rental crisis in Orlando. Some lawmakers even bit on the legislation last year because it was sold as a compromise by property management companies.

A real compromise would be monthly payments going into a refundable queue filled by a traditional security deposit and getting that money back when you move out.

But instead we’ve got these gangster techniques being used to move Orlando apartments. Don’t fall for it.

And continue to tell your leaders at all levels that Orlando families shouldn’t be targets for the real estate industry to fulfill the most basic of all human needs. Shelter.

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