ATLANTA — The Atlanta City Council has approved a bill that would allow renters to pay security deposits over time rather than in a lump sum.
The Renter’s Choice Bill is a first-of-its kind measure to make the cost of living more affordable and help renters get into apartments easier.
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The ordinance would allow tenants the choice to pay the security deposit on new lease in an installment plan over three months. Tenants would also have the option to buy security deposit insurance, which costs $8 to $10 a month.
The measure only applies if the deposit is 60% or more of one month’s rent, and only applies to landlords with 10 or more units.
The bill was proposed by Atlanta City Councilman Amir Farokhi and passed unanimously last week.
“More and more Atlantans are renting and more and more people are cash strapped and financially insecure,” Farokhi said.
Atlanta Mayor Keisha Lance Bottoms is expected to sign the bill in the next few weeks.