Many of Atlanta's residents live from paycheck to paycheck, and they sometimes find themselves unable to pay their #rent or put money down for large security deposits. The City Council has decided to step in by mandating that home owners allow new renters to pay security deposits in installments instead of paying it all at once. Is it the city's job to intervene in private business operations, ordering property owners to cut new tenants a break? The answer is no.

Allowing tenants to pay in installments is a huge shift from the tradition. The whole reason tenants were required to pay a deposit before moving in is that properties can get damaged over time, and repairs aren't cheap. So a "security deposit" is just that, money deposited to help the landlord be sure that their investment is kept safe and secure. Property managers and home owners are now being faced with a new challenge, one that didn't have to happen. If anything, landlords are likely to be more skeptical about renting to people than they were before, since they have to let them move in without any guarantee they won't trash the property.

Renting a home is getting more expensive because owners are facing increased operating costs, it isn't just renters who have been affected by the economy. There is a risk associated with renting to someone, especially those who lost their jobs and do not have savings to stay afloat. If they are likely to be unable to afford their rent, it is also a much greater financial risk to landlords. By mandating that the deposit be accepted in installments, the City Council has just worsened the situation for homeowners who might now reconsider renting out their properties at all.

The economic instability of our city (and the country at large, for that matter) affected renters, but what people forget is that it affected homeowners in equal measure. Many of them are asset-rich but cash-poor. Oftentimes their only source of income is the money they earn from rent. Doing away with the security deposit is a dangerous move that is likely to leave homeowners with neither rent nor deposit.

Security deposits are supposed to make things more secure for the homeowner in case the tenant skipped out on the contract and moved away without paying for damage they caused to the unit. This is going to be almost impossible if tenants pay their deposit in installments. It essentially leaves the homeowner at the mercy of the tenant who could move out whenever they wanted, and not worry about damaging the property because they already know they won't get the security deposit back. 

While allowing tenants to pay the security deposit in installments might seem like a move designed to help renters move in, it will actually add to the overall stress of the housing community.