You may have heard of a “senior living entrance deposit model” — and you may have seen the costs and experienced some initial sticker shock. But when you understand how the model works, you might find the price is just right.
What is an entrance deposit model?
At Walker Place, we use an entrance deposit model to help residents save money. Similar to a down payment on a house, the deposit is paid when a resident moves in to decrease the cost of monthly rent. But there are additional benefits to paying a deposit model when you move into a senior living community.
Here are three to know about our entrance deposit model:
1. It's 100% refundable
When you decide to make Walker Place your home, you pay a one-time entrance deposit. This deposit is always 100% refundable. When your apartment is re-rented, the deposit is returned in full to you or your family.
2. It Reduces your Monthly rent
While the entrance deposit model means a larger deposit upfront, you actually end up saving big on rent each month. On average, rent with an entrance deposit model could save hundreds of dollars monthly. That could result in thousands saved annually.
3. It Contributes to Community AMENITIES AND Improvements
Our community features a state-of-the-art fitness center, chef-prepared meals and multiple dining options, housekeeping services, and a variety of activities and programs — all of which are made possible because of the investment that each resident makes into the community. We also use deposit funds to conduct capital improvements within our building, directly benefiting anyone who lives at Walker Place.
Is an entrance deposit model right for you?
Living at Walker Methodist Place is a long-term investment in living your fullest life. Nestled in the charming East Harriet neighborhood of Minneapolis, we offer high-end senior living (and exceptional care) in a location you know and love.
The entrance deposit model is just one of many different payment options available at Walker Methodist communities. If you think Walker Place sounds like a good fit for you or a loved one, please call (612) 827-8508 to learn more. Or, take a look at our other communities in the metro area and Wisconsin.