Explanation
The traditional security deposit is an upfront moving cost that presents a barrier to housing affordability. In Columbus, over $480 million is locked up in cash security deposits, providing no immediate benefit to tenants or operators. Alternative choice and optionality in the payment of the security deposit is an affordable housing solution that provides tenants the opportunity to rapidly re-house and lower move-in costs.
Title
To amend Chapter 4551 of Columbus City Codes providing operators and tenants with rental security deposit payment alternatives.
Body
WHEREAS, it is in the best interest of all parties that operators and tenants have rental security deposit payment alternatives; and
WHEREAS, current code does not require that tenants have the ability to work with an operator and choose an alternative to a rental security deposit; and
WHEREAS, amending the city code to provide operators and tenants with rental security deposit payment alternatives would benefit the City of Columbus by allowing tenants to find safe and sanitary housing with lower upfront costs; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That Chapter 4551 of Columbus City Codes is hereby amended to read as follows:
4551.04 Renter’s Choice
(a) Renter’s Choice. If an operator requires that a tenant pay a security deposit, no operator shall fail to provide written notice of the security deposit payment alternatives as described in this division. Prior to entering into a rental agreement, a tenant required to pay a security deposit shall either pay the required security deposit in full or select and subsequently fulfill one of the following rental security deposit payment alternatives:
(1) payment of the security deposit over a series of no fewer than 3 monthly installment payments, which installments shall be due on the same day as the monthly rent payment and which may be paid together with the monthly rent payment in a single transaction,
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