FAQs
Deposit Alternative
What is Deposit
Alternative?
Deposit Alternative is a non-refundable monthly payment that offers an alternative to traditional security deposits (i.e., waives your requirement to provide a cash security deposit). Opting for a monthly non-refundable payment instead of a large cash deposit helps you keep move-in costs down while still satisfying your community’s financial requirements.
What will my payments be if I choose Deposit Alternative?
You will pay a one-time enrollment fee of $25 and a non-refundable monthly payment during the term of your lease depending on the amount of your base rent, as follows:
The following is a comparative illustration where the base rent is $1,300 per month:
Is the Deposit Alternative coverage amount insurance?
It does not constitute insurance. Mozart Management is not an insurance company nor an insurance producer. Mozart is merely waiving, in consideration of the monthly payment amount, your requirement to provide a cash security deposit. However, Mozart may elect to purchase third-party insurance to indemnify, protect and insure itself against risk of loss from any damages incurred under the Lease Agreement.
Can I change between the Deposit Alternative and a traditional security deposit?
Yes, in certain cases. Prior to move-in, we’re happy to adjust your deposit preference as needed.
If you’ve already moved in with a traditional security deposit, you may be eligible to switch to the Deposit Alternative within 10 days of your move-in date. After 10 days, switching is no longer an option.
If you originally chose the Deposit Alternative and would like to switch to a traditional cash deposit, please note: the monthly fee for the Deposit Alternative is non-refundable for the current or any previous months. However, once you provide a traditional security deposit, you will no longer be charged the monthly Deposit Alternative fee moving forward.
Why would I choose a Deposit Alternative over a traditional security deposit?
It’s common for renters to need the first month’s rent as well as a significant security deposit to secure a new apartment. This can create a financial burden or even prevent someone from moving into a new home. The Deposit Alternative helps reduce overall costs at move-in without the complications of a traditional security deposit.
What kind of screening is required? Do you check my credit or claim history?
Nope. Your rental application is all we need—if you qualify to rent here, you qualify for the Deposit Alternative. No additional credit or background check is required.
What happens if I change to a different Mozart apartment?
Great news: if you change units within our Mozart portfolio, we can easily adjust your coverage. If there were damages on the old unit, or if the new unit calls for a different deposit amount, you’ll be required to enroll in a new Deposit Alternative.
What happens at the end of my lease – do I get my money back?
Unlike a traditional security deposit, the Deposit Alternative is not refundable. Like a security deposit, however, you’re responsible for damages in excess of the coverage amount.
*You may be personally responsible for charges that are not covered by the Deposit Alternative such as: any intentional act or illegal activity that causes damage to the property, or any charges or damages that exceed the coverage amount. *
Why did my charge amount change when I moved-in?
Deposit Alternative pricing is based on your rent and tax rates on the day you opt in to Deposit Alternative. The amount could change if there are changes to your lease—such as the rent amount and deposit requirements—or if tax rates change between your opt-in day and your actual move-in date.
Why are there two charges for the Deposit Alternative option?
There’s a one-time enrollment fee of $25 when you opt in to the Deposit Alternative. Going forward, you’ll only be billed the monthly amount.
Deposit Alternative is a non-refundable monthly payment that offers an alternative to traditional security deposits (i.e., waives your requirement to provide a cash security deposit). Opting for a monthly non-refundable payment instead of a large cash deposit helps you keep move-in costs down while still satisfying your community’s financial requirements.
What will my payments be if I choose Deposit Alternative?
You will pay a one-time enrollment fee of $25 and a non-refundable monthly payment during the term of your lease depending on the amount of your base rent, as follows:
| Base Rent | Monthly Cost* | Coverage Amount |
| $501- $1,000 | $14.50 | $1,000 |
| $1,001 - $1,500 | $20.75 | $1,500 |
| $1,501 - $2,000 | $27.00 | $2,000 |
| $2,001 - $2,500 | $33.25 | $2,500 |
| *Plus any applicable taxes. The monthly cost is not prorated for any partial months. | ||
The following is a comparative illustration where the base rent is $1,300 per month:
| Deposit Alternative At move-in $20.75 Monthly payment, plus one-time enrollment fee of $25 |
Security Deposit At move-in $1300 One- time payment |
| At
move-out No deposit refund, damages are covered* In case of damages Covered by Deposit Alternative* *Damages covered up to the coverage amount and to the extent according to lease language |
At
move-out Damages are charged against your deposit, balance is refunded* In case of damages Charged against your deposit. *Refer to lease language for more details |
Is the Deposit Alternative coverage amount insurance?
It does not constitute insurance. Mozart Management is not an insurance company nor an insurance producer. Mozart is merely waiving, in consideration of the monthly payment amount, your requirement to provide a cash security deposit. However, Mozart may elect to purchase third-party insurance to indemnify, protect and insure itself against risk of loss from any damages incurred under the Lease Agreement.
Can I change between the Deposit Alternative and a traditional security deposit?
Yes, in certain cases. Prior to move-in, we’re happy to adjust your deposit preference as needed.
If you’ve already moved in with a traditional security deposit, you may be eligible to switch to the Deposit Alternative within 10 days of your move-in date. After 10 days, switching is no longer an option.
If you originally chose the Deposit Alternative and would like to switch to a traditional cash deposit, please note: the monthly fee for the Deposit Alternative is non-refundable for the current or any previous months. However, once you provide a traditional security deposit, you will no longer be charged the monthly Deposit Alternative fee moving forward.
Why would I choose a Deposit Alternative over a traditional security deposit?
It’s common for renters to need the first month’s rent as well as a significant security deposit to secure a new apartment. This can create a financial burden or even prevent someone from moving into a new home. The Deposit Alternative helps reduce overall costs at move-in without the complications of a traditional security deposit.
What kind of screening is required? Do you check my credit or claim history?
Nope. Your rental application is all we need—if you qualify to rent here, you qualify for the Deposit Alternative. No additional credit or background check is required.
What happens if I change to a different Mozart apartment?
Great news: if you change units within our Mozart portfolio, we can easily adjust your coverage. If there were damages on the old unit, or if the new unit calls for a different deposit amount, you’ll be required to enroll in a new Deposit Alternative.
What happens at the end of my lease – do I get my money back?
Unlike a traditional security deposit, the Deposit Alternative is not refundable. Like a security deposit, however, you’re responsible for damages in excess of the coverage amount.
*You may be personally responsible for charges that are not covered by the Deposit Alternative such as: any intentional act or illegal activity that causes damage to the property, or any charges or damages that exceed the coverage amount. *
Why did my charge amount change when I moved-in?
Deposit Alternative pricing is based on your rent and tax rates on the day you opt in to Deposit Alternative. The amount could change if there are changes to your lease—such as the rent amount and deposit requirements—or if tax rates change between your opt-in day and your actual move-in date.
Why are there two charges for the Deposit Alternative option?
There’s a one-time enrollment fee of $25 when you opt in to the Deposit Alternative. Going forward, you’ll only be billed the monthly amount.