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Security Deposit Vs. Jetty Surety Bond

Goldmark is proud to offer two options to applicants whoVe been approved. Goldmark offers a traditional security deposit equal to one full month's rent or applicants can choose our deposit free option through a Jetty Surety Bond purchase. Learn more about each of these options and which one is the right fit for you!

Traditional Security Deposit

The security deposit is equal to one full month’s rent. The security deposit will stay with the apartment if roommates change. After move out. the security deposit will be processed in accordance with State Law with any remaining amount refunded to the leaseholders. Your security deposit can be paid directly in your online applicant portal.

a man and woman holding a box in a house
a man and woman holding a box in a house

Jetty Surety Bond

To reduce your out-of-pocket move in costs, you can opt for a lower cost non-refundable Jetty Surety Bond. This may save you considerably on move-in costs. At move out, you remain responsible for cleaning, damages and unpaid rent. If you fail to pay your account in full when you move out. Jetty will step in and pay Goldmark up to the total amount of the bond. If Jetty pays a claim to Goldmark. Jetty will contact you directly to collect the funds. The bond amount must equal one full month’s rent.

Let's Compare the Two Options Available

Not sure on the difference between a traditional security deposit and a Jetty surety bond? Well demonstrate some of the differences.

Security Deposit

Fully Refundable

You could receive your full security deposit back if no cleaning, damages or unpaid rent at time of move out.

Higher Up Front Move In Costs

The security deposit is equal to one full month’s rent.

Your Funds Are Held

Goldmark holds your security deposit amount for the duration of your lease(s).

Refunds are Mailed to You

Any refund will be processed according to State law and mailed to the address you provide. This may be 10-30 days after move out.

Less Out of Pocket Move Out Costs

The security deposit helps cover move out expenses like cleaning, carpet steam cleaning, damages or unpaid rent.

Roommate Changes

The deposit remains with the apartment even if roommates switch.

Roommate Consideration at Move Out

In the case of roommates, a refunded security deposit is payable to all leaseholders. If your account balance after move out is in excess of your deposit, all leaseholders are equally and severally responsible to pay the balance.

Surety Bond

Non-Refundable

The surety bond is non-refundable fee.

Lower Up Front Move in Costs

A surety bond may considerably lower the cost to move in.

Your Funds Can Be Used Now

Instead of funds being held for your deposit, you can use them for things you need now or invest those funds for your future.

No Refund to Wait For

You do not have to wait for a deposit refund when you move out. Instead, you saved those funds at move in and were able to utilize when and as you desired.

Potential Move Out Expenses

At move out, you must pay for any expenses like cleaning, carpet steam cleans, damages or unpaid rent. The surety bond does not cover these costs.

Roommate Changes

If the bond holder moves out before the other roommates, the remaining residents will need to choose between a traditional security deposit or a remaining roommate will need to purchase a new bond.

Roommate Consideration at Move Out

In the case of roommates, if you fail to pay your account in full after move out. Jetty will only contact the bond holder for payment.

Additional Resources

Let's look at an example of a traditional security deposit verses a Jetty surety bond using a hypothetical apartment with a monthly rent of $1000, assuming the applicant has average credit, takes care of the apartment, and only needs to steam clean the carpet upon move out. They leave the apartment in great condition and all their rent paid.

Download our resources below and reach out with any questions.

Surety Bond FAQs Opens in a new tab
Deposit vs. Bond Comparison Opens in a new tab
Jetty Surety Bond Brochure Opens in a new tab

Jetty Surety Bond FAQs

A Jetty surety bond is a deposit alternative that replaces a traditional cash deposit with a low, non-refundable payment. It doesn’t get you off the hook for paying rent or for damages but provides Goldmark security in renting to you without requiring as much cash up front. This may save you considerably on move-in costs. Check out some of the most frequently asked questions about the Jetty surety bonds.

Goldmark requires the bond coverage to equal one month’s rent.

No. The bond is non-refundable. At move out, you remain responsible for cleaning, damages and unpaid rent. If you fail to pay your account in full when you move out, Jetty will step in and pay Goldmark up to the total amount of the bond. If Jetty pays a claim to Goldmark, Jetty will contact you directly to collect the funds.

No. In the event you cause damage (or miss a rent payment), you’ll still be responsible for full payment. If Jetty pays a claim to Goldmark, Jetty will contact you directly to get reimbursement for those funds.

Jetty allows only one (1) leaseholder to purchase a surety bond. If your household fails to pay your account in full when you move out, Jetty will step in and pay Goldmark up to the total amount of the bond. If Jetty pays a claim to Goldmark, Jetty will directly contact the individual who purchased the bond to collect the funds. It is up to the roommates to determine which individual will be responsible. If the amount owed exceeds the bond, Goldmark will contact all leaseholders to collect the difference.

Jetty will ask for your Social Security Number (SSN) and do a soft credit check, which doesn’t impact your credit score. This check will determine your monthly price. The better your credit, the lower your cost.

You can opt for a one-time nonrefundable payment. Jetty also offers a lower monthly payment option. If opting for monthly payments, you must continue paying Jetty monthly until you move out. All transactions are directly with Jetty.

Both options have benefits and depend on each individual’s situation. With the monthly option, move in costs are lower, but the monthly payments remain while the bond holder lives in the apartment. With the one-time non-refundable fee, you only pay once and are covered for the entire period the bond holder stays in the apartment. *It is important to note that Jetty is unable to switch from monthly to one-time or vice versa after purchase, so it is important to select the right option for you at checkout.

If you are a foreign national and don’t have a SSN yet, you can still apply for Jetty. Jetty has pricing for this scenario and can still issue you a bond.

A traditional cash security deposit is equal to one month’s rent and is fully refundable depending on the status of your apartment after move out. The security deposit stays with the apartment until the household moves out. Upon move out, the deposit is processed in accordance with State laws. Any cleaning, damages, or unpaid rent is deducted from the deposit. After processing, any remaining amount is refunded via check to all leaseholders.

A Jetty surety bond is a non-refundable fee. The amount, based on a soft credit check, is lower than a traditional cash security deposit. This allows you to utilize those saved funds as you desire. You will need to provide payment for any cleaning, damages or unpaid rent at the time of move out. If you fail to pay your account in full when you move out, Jetty will step in and pay Goldmark up to the total amount of the bond. If Jetty pays a claim to Goldmark, Jetty will contact you directly to collect the funds.

No. You can pay a traditional security deposit equal to one full month’s rent. Goldmark provides this as an option to get into your apartment for a lower up-front cost.

The holding fee will be credited to your first month’s rent.

Once you are approved for your apartment, please pay your security deposit or purchase a Jetty surety bond within the next two business days. Once that is complete, you will receive your lease documents to read and sign.

You will need a new security deposit or a new Jetty Bond for your new apartment. If you opted for the monthly payment option, simply notify Jetty of your move out date.