Tenants will pay a $600 Lease Risk Mitigation Fee at Move-In. This fee is a requirement of TouchPoint's leasing agreement and serves a different purpose than a security deposit. Unlike a security deposit, which is typically refundable and reserved for potential damages to the property, the Lease Risk Mitigation Fee is non-refundable and is intended to offset the risks associated with leasing to a new tenant.

<aside> 💡 To offset the cost of this fee at Move-In, qualified tenants can pay their security deposit in small monthly installments instead of all at once using TouchPoint’s Zero Security Deposit Program.

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Reasons for Implementing Lease Risk Mitigation Fees:

1. Risk Assessment:
   • Landlords incur certain risks when leasing their properties to new tenants. These risks may include the tenant defaulting on rent payments, causing property damage, or breaching the terms of the lease agreement.
   • The Lease Risk Mitigation Fee is designed to provide landlords with a financial cushion to mitigate potential losses in case these risks materialize.
2. Credit and Rental History Evaluation:
   • Landlords often conduct thorough background checks on prospective tenants to assess their creditworthiness and rental history.
   • Charging a Lease Risk Mitigation Fee is a way for our property owners to set off the costs associated with these screenings and ensure that tenants with solid financial backgrounds are more likely to be attracted to the property.
3. Non-Refundable Nature:
   • Unlike a security deposit, which is generally refundable (minus deductions for damages), the Lease Risk Mitigation Fee is non-refundable. This ensures that landlords retain a certain amount of compensation regardless of the tenant's future actions or decisions.
4. Tenant Commitment:
   • Paying a non-refundable Lease Risk Mitigation Fee demonstrates a level of commitment from the tenant. It indicates that the tenant is serious about renting the property and is willing to invest in the leasing process.