Jetty introduces Unlock Deposit, freeing cash deposit for renters

By Pavithra R

Jetty, a financial services company on a mission to make renting more affordable and effortless for everyone announced the launch of Unlock Deposit, a new offering which allows renters to free up their cash deposit in exchange for a small, one-time or monthly fee.

Jetty’s Unlock Deposit covers the property for the full deposit amount while freeing up cash to be returned to the renter. Renters at Jetty Partner properties offering Unlock Deposit can ‘unlock’ their original cash deposit in exchange for a small fee, while remaining responsible for all rent and damages.

“Renters across the country are facing unprecedented challenges when it comes to liquidity. Unlock Deposit can help further address this liquidity crunch, while simultaneously enabling Jetty Partners to increase retention and reduce the potential of bad debt,” said Mike Rudoy, CEO and Co-Founder of Jetty.

The new offering is an extension to Jetty’s core deposit replacement product, which, until now, was only available at the point of move-in.

“Accessibility and affordability are key to us as a business. Being able to help our renters is always our top priority and we recognize giving them an option to gain liquidity could be incredibly impactful during these difficult times,” said Andrew Collins, CEO and co-founder of Bungalow, a California-based co-living company.

Founded in 2015, Jetty is a modern security deposit alternative. The company is set to change and improve the experience for both renters and property managers with a more affordable way to secure a home while staying protected against damage and lost rent. Its partners include LivCor, Related, Pinnacle, Greystar, MG Properties, Trammell Crow, Griffis Residential, Cortland, and many more, representing more than 1 mn units nationwide.