U.S. fintech Jetty launches its “Unlock Deposit” offering, enhancing liquidity for renters.

Jetty, which describes itself as a modern security deposit alternative, has expanded its services for renters. Its newly launched Unlock Deposit offering frees up renters’ cash deposits in exchange for a small one time or monthly fee. (Jetty)

The fintech’s previous Deposit product was only available at the time of move-in. However, the new product allows renters to take back their deposits during their tenancy. Jetty steps into their shoes, covering the property for the full deposit amount.

“With Unlock, residents at Jetty Partner properties will have the ability to “unlock” the cash deposits they paid at lease signing in exchange for a Jetty policy,” says the company’s website. “These policies are the same as the deposit alternative residents can purchase at move-in, and offer the same coverage to the property.”

COVID-19

According to Jetty, more than 20 million renters now live in households that have suffered pandemic -related job losses. These conditions create economic difficulties, as well as the risk of eviction in the next few months.

Most renters probably have a few hundred, or thousand, dollars locked away in security deposits that remain out of reach until they vacate the property.

Using Unlock Deposit, these renters can free up the cash to use for rent payments and other living expenses until such time as they find alternative employment.

Even property-owners are suffering from the pandemic. Fewer people are looking to move, and owners would like to improve retention rates for their properties. The Unlock Deposit scheme helps out renters with their finances, boosting their ability (and inclination) to stay.

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

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