Typically, the security deposit is equal to one month's rent. However, the security deposit allocation is based on the information provided on an application. Once all of this is reviewed, a score is recorded based on the risk the owner of the home would be accepting by approving an offer for you to rent the property. If the application score (not credit score) is lower than 700 and higher than 500 but still qualifies under our rental criteria, the applicants can be conditionally approved at a higher security deposit (up to 2x the monthly rent) to protect the owner’s investment.
Qualification is based on a tenant screening score from a third-party processor. The scoring system is based on multiple factors including credit history, income, past-due debt, type of debt, collections, and more. It is not based on credit (FICO) score alone.
There are different levels of qualification for approval:
*Nestwell CANNOT tell you what your application score will be without fully submitted applications being screened through our third-party processor.
**Application scores are based on a combined average score for all applicants 18 and older for the property.
Approval: The application score must be above 700 (not credit score). Security Deposit will be equal to the amount in the rental listing (most commonly equal to one month’s rent). Applications with a score above 700 may require less processing and be completed faster depending on the results. Valid ID, proof of income, and pet screening results (if applicable) are the minimum required for a complete application in this score range.
Conditional Approval Level 1: Applications with a score from 600 to 699 (not credit score) will require an additional deposit equal to 1.5X the amount in the rental listing. Applications with a score in this range will require full processing prior to being considered complete.
Conditional Approval Level 2: Applications with a score from 500 to 599 (not credit score) will require an additional deposit equal to 2X the amount in the rental listing. Applications with a score in this range will require full processing prior to being considered complete.
Decline: An application with a score below 499 (not credit score) will be declined. There will be no conditional approval for an application in this score range. Please see our list of common reasons applicants are declined besides the application score.
Please keep in mind that your security deposit is 100% refundable if you fulfill the terms of your lease and leave the house in the same condition as it was when you took possession, aside from normal wear and tear. If you would like the home but the deposit is too much to pay upfront, we offer a security deposit alternative with a monthly payment option (non-refundable) through Rhino. If you are interested, please let us know and we can send you an invitation so you can get a quote in about 1 minute. Find out more here: Rhino Deposit Alternative.