How much does Padder Deposit cost?

In most cases, the premium is typically around:
10%–15% of one month’s base rent

Your exact quote will depend on your profile, the lease, and the property, but it will always be less than paying a full LMR deposit.

How this compares to paying a full Last Month’s Rent deposit

With a traditional LMR deposit:

• You pay one full month of rent upfront to your landlord (e.g., $2,000).
• The landlord holds that amount in trust and uses it for your last month’s rent.
• You don’t see that money again; it’s just applied later instead of now.

With Padder Deposit:

• You pay a much smaller one-time premium to Padder (e.g., $200–$300).
• Your landlord does not collect a LMR deposit from you.
• Padder protects your landlord if you leave without paying your last month’s base rent.
• You still pay all months of rent, including your final month—Padder steps in only if you fail to pay rent in the final month of your tenancy.

Why this is a premium, not a deposit

Padder Deposit is an insurance policy, not a security deposit.

That means:

• It’s a non-refundable premium.
• It is not 'deducted' from your final month's payment.
• There is no “Padder refund” at the end of your tenancy, because no LMR was ever held.
• Even if you pay all your rent on time and never default, the premium is not returned—it paid for the protection your landlord had the whole time.

In the background, that premium allows Padder to:

• Take on the risk of covering your landlord’s last month’s base rent if you move out without paying it, and
• Then seek repayment from you if a valid claim is paid (you’re still responsible under your indemnity).