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.

State lawmakers are considering legislation that would create regulations for such
agreements that offer security deposit insurance instead of a traditional lump-sum
deposit.

But advocates for Florida tenants have concerns. They say the proposed regulations lack important safeguards to protect renters from predatory practices.