Deposit Waiver Program
A low monthly fixed rate replaces a security deposit at move-in.
Once your lease is approved, you’re automatically approved with Canopy. There is no additional approval required.
Why worry about getting your deposit back?
Frequently Asked Questions
What is a deposit waiver?
A waiver allows the Resident to pay a small monthly fee instead of a security deposit upfront.
How do I sign up? In one easy step.
When your lease is approved, you’re automatic with Canopy.
Can I pay a regular deposit instead?
Yes, you can opt-out of Canopy and instead choose to pay a full deposit at move-in.
Do I have to sign a document?
Yes, you will sign a renter acknowledgment addendum online with your lease.
Does everyone qualify?
Yes, if you qualify to rent a unit, then you automatically qualify for Canopy.
What happens if I receive a notice that I’m Approved with Conditions?
If you are Approved with Conditions then you qualify for Canopy Teal – $56/mo.
What happens if I require a guarantor, do I still qualify for Canopy Plus?
Yes, if you are required to obtain a guarantor, with a guarantor you qualify for Canopy Orange – $19/mo.
Do I pay every month?
Yes, the payment is made monthly, included with rent during the term of your lease.
Does my liability under the lease change?
No, you remain liable for all obligations under the lease and any amounts owed to the property under the lease including but not limited to rent, late fees, damage to the property, etc. Refer to your Deposit Waiver Renter Acknowledgment form for all terms and conditions of the plan.
What happens if I don’t pay?
The Waiver allowed you to move in without a deposit; in exchange, you agreed to make monthly payments with your rent. If you fail to make the monthly payments to Canopy then you are in breach of your agreement and Canopy can seek recovery of the unpaid amounts from you.
Will I be evicted if I do not make the monthly payments?
No, Canopy cannot evict you from your home.
Does the monthly amount ever decrease?
The payment is tied to your lease, so the monthly amounts will not decrease over the term of your lease. If you renew your lease, and you have made rental payments on time the risk of default will decrease so it is very possible that the payment will decrease.