Short Definition:
A refundable payment made at the start of a lease to cover potential damages or missed rent.
Expanded Explanation:
When you rent a workspace, the landlord will often require a security deposit as a financial safety net. If you leave the space in good condition and meet all lease obligations, you’ll get it back at the end of your term.
For small business owners, it’s important to factor this upfront cost into your move-in budget. WorkBay keeps deposits straightforward — no surprise fees or excessive holds.
It’s just one more way we simplify the leasing process for first-time tenants.