Relief or ‘poor tax’? Companies offer an alternative to apartment security deposits for Florida renters

TALLAHASSEE — As rents skyrocket, startup companies are touting what they consider to be a helpful solution to hefty security deposits pricing Floridians out of apartments.

Instead of forking over an upfront security deposit, tenants can agree to pay a monthly fee — typically about $25.

But there’s a catch: The money isn’t refundable at the end of the lease like a traditional security deposit, and renters are still on the hook for damage beyond ordinary wear and tear.