Multifamily housing developer offers innovative zero deposit option to help renters during US housing crisis

EL SEGUNDO, Calif., March 1, 2022 /PRNewswire/ -- Vivo Living ("Vivo") is a firm that converts hotels to housing and recently launched a new option to renters to forego the traditional security deposit and instead choose Vivos' innovative "Zero Deposit" option. With properties spanning across the ten US states, this offering helps Americans gain broader access to rentals without needing to pay hefty upfront security deposits. 

Given that 54% of Americans are living paycheck to paycheck to make ends meet, Vivo saw this as a critical step towards their mission of helping solve the US housing affordability crisis.

"The fact that more than half of Americans are living paycheck to paycheck and are only one paycheck away from financial disaster is a major problem and one that is exacerbated by the housing crisis along with the industry standard need for large security deposits. Through Vivo's Zero Deposit initiative we are taking a large step towards solving this problem and progressing with our overall mission," notes Dan Norville, founder and CEO of Vivo Living.

Whether opting into paying the security deposit or zero deposit monthly fee, Vivo Living's standard screening process for new tenants remains the same, which requires a background and credit check prior for approval. Tenants that choose this option would replace Vivo's required security deposit based on the applicant's credit check with a small monthly fee instead.  Unlike a deposit, which renters can get back once moving out of the property, tenants will not receive a refund for the monthly fees paid and instead reap benefits by not having to pay high deposit fees.

Vivo apartments are offered in the low-to-mid price range while also delivering class-A, hotel-like amenities to tenants (lounge areas, free wifi in lounge, pool, gym, etc.). Vivo's mission is to help solve America's housing affordability crisis through adaptive reuse of existing buildings into apartment complexes.

Headquartered in El Segundo, California, Vivo was founded in 2020 to offer flexible, modern efficiency apartments with all the best parts of hotel living included. The firm specializes in converting low-demand hotels and other buildings into affordably priced apartment complexes for renters. Vivo's mission is to solve America's housing affordability crisis through adaptive reuse while reducing traffic, waste and sprawl. With locations now in ten states including Arizona, California, Colorado, Florida, Indiana, Nebraska, North Carolina, South Carolina, Texas and Utah, Vivo continues to expand. Vivo's website is vivoinvestmentgroup.com.

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SOURCE Vivo Living